Telegram to launch Tether through TON Blockchain amid an $11 billion coinage spree Oluwapelumi Adejumo * Ten minutes ago * Read 2 minutes
Stablecoins issuer targets Telegram’s 900,000,000 users with new stablecoin integration.
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Updated: Apr. 19, 2024 At 2:33 PM UTC
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Tether, the stablecoin issuing company, has confirmed that it will be launching a new cryptocurrency. CryptoSlate The expansion of US Dollar-backed The USDT According to a statement made on April 19, the Open Network (TON), a blockchain-based network, will allow users to transfer gold-backed XAUT Stablecoins.
This move is intended to increase the use of stablecoins in cross-border transactions and peer-topeer transactions for the 900,000,000 users of the Telegram application for TON messaging.
The firm claims:
This integration will boost liquidity and activity on TON. It simplifies access to capital and allows users to move USDt using their TON wallet.
Tether’s CEO, Paolo ArdoinoThis initiative was confirmed by. It also added that this aligns with the company’s objective to “power open financial infrastructure in the blockchain space.”
TON has been growing rapidly due to its affiliation with Telegram, a crypto-friendly platform. The native token of the network, ToncoinThe has shown a strong growth of approximately 135% in the last year, securing a place among the top 10 digital assets By market capitalization
Since March, Tether has generated $11 billion in revenue
Tether’s integration with TON comes after a surge in USDT minting and keeps pace with the current market conditions.
Lookonchain, a blockchain analyst, published a report on April 16th. reported Tether has minted $10 billion USDT in the past three months.
Recent developments are also worth mentioning The following are some of the most effective ways to increase your ROI: Whale Alert reports that Tether Treasury has minted an additional $1 Billion USDT today. This brings the total amount minted to date, since 1 March 2011, up to $11 Billion.
Ardoino You can learn more about this by clicking here. The primary goal was to increase reserves ahead of an anticipated rise in demand for stablecoins. He said that although most tokens were authorized but not immediately issued. They are instead kept in Tether’s Treasury, until the demand for them forces their distribution.
The largest stablecoin on the market, Tether, is available in 15 different blockchain networks including Ethereum, Tron and Solana. The firm is transparent PageThe stablecoin’s circulating and total supplies are approximately $109.5 billion.