Tether Gold

Gold

April

Dubai

$60 million worth of Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) has already been issued on&nbsp;The Open Network (TON) since it began supporting the blockchain on April 19, making it the 11th-largest blockchain for Tether out of 16.&nbsp;
On April 19, the stablecoin issuer <a href="https://cointelegraph.com/news/tether-usdt-stablecoin-ton-blockchain">announced</a> a collaboration with the TON Foundation at the Token2049 crypto conference in Dubai that would see Tether begin to be minted on TON.&nbsp;
The firm also revealed it has launched the gold-pegged Tether Gold (XAUT) stablecoin on TON as well.
The Open Network team said that cross-border payments were instant, free and as easy as sending a text message to Telegram’s 900 million users in a post on X.
Tether CEO <a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2021/paolo-ardoino">Paolo Ardoino</a> commented in a post on X on April 21 that Tether had made a “great start” with $35 million USDT issued on TON. 
However, according to the Tether Transparency <a href="https://tether.to/en/transparency/?tab=usdt" target="_blank" rel="noopener nofollow">report</a>, the authorized supply issued on TON has grown to $60 million as of 11:30 pm UTC on April 21.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/4488bff5-4942-4998-ba24-8aa5d24ab8a6.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://twitter.com/paoloardoino/status/1781956881663074639" target="_blank" rel="noopener nofollow">Paolo Ardoino</a>
 </figcaption>
</figure>
The collaboration allows Telegram’s users to send transfers freely and instantly among all platform users. “All you need to do is send a DM [direct message], no need for a blockchain address, and no need to download a new app,” the messaging company <a href="https://twitter.com/ton_blockchain/status/1781294475219812665" target="_blank" rel="noopener nofollow">stated</a>. 
USDT on TON will be accompanied by fully integrated on-ramps from most fiat currencies globally at launch, it added before stating that soon, integrated global off-ramps will enable users to withdraw supported fiat currencies directly to bank accounts or cards.
However, the majority of Tether’s $109.8 billion circulating supply is on the Tron&nbsp;network, which has $57.8 billion. Ethereum has $51 billion USDT in circulation, a number that has been dwindling as more Tether is deployed on different blockchains to alleviate high network fees on Ethereum. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/981e6d47-b978-4b1d-90a1-e6dd95312fdc.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 USDT issuance on various blockchains. Source: Tether Transparency Report
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</figure>
Solana is the third-largest network supporting Tether with $1.9 billion issued. The stablecoin has also been issued on Avalanche, Omni, Cosmos, Tezos, Near, EOS and Celo, among others. 
Related: <a href="https://cointelegraph.com/news/binance-emergency-safu-fund-convert-usd-coin">Binance’s $1B emergency ‘SAFU’ fund now makes up 3% of UDSC supply</a>
Tether has a market share of 69% of the entire stablecoin market capitalization, which is around $159.5 billion, according to CoinGecko. 
Its closest rival, Circle, has a share of 21% for its stablecoin, USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>), of which there are $33.7 billion in circulation. 
Toncoin (TON) prices <a href="https://www.coingecko.com/en/coins/toncoin" target="_blank" rel="noopener nofollow">reacted</a> to the announcement with a 22% spike but quickly returned to previous levels. The asset is trading down 1.6% on the day at $6.13 at the time of writing, according to CoinGecko. 
Magazine: <a href="https://cointelegraph.com/magazine/real-risks-ethena-stablecoin-model-not-ones-you-think/">The real risks to Ethena’s stablecoin model are not the ones you think</a>

Tether issued on TON blockchain at a ‘great start,’ says CEO — Now at $60M

Cointelegraph

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