Tether has already placed $60 million in issuance since expanding to TON

Since Tether launched on The Open Network (TON) on April 19, $60 million has been spent on the stablecoin, making it the eleventh largest blockchain for Tether out of the sixteen that support it.

This development was announced during the Token2049 crypto conference in Dubai, where the partnership between Tether’s publisher and the TON Foundation was endorsed.

Also XAUT launched on TON

Additionally, the gold-pegged Tether Gold (XAUT) stablecoin has also been launched on TON. The team behind The Open Network has highlighted that cross-border payments are now instant, free and as simple as sending a text message, which is a big step forward for Telegram’s 900 million users.

Paolo Ardoino, CEO of Tether, has declared that Tether is off to a “great start” on the network, with an initial issuance of $35 million USDT, which has since grown to $60 million. The partnership allows Telegram users to send transfers instantly without the need for a blockchain address or downloading additional apps.

Fully integrated ramps for most global fiat currencies will be offered at launch, with plans to soon add global ramps where users can withdraw their supported fiat currencies directly to bank accounts or cards.

Most of TON spent on Tron network

Despite the growth on TON, the majority of Tether’s circulating supply, worth $109.8 billion, remains on the Tron network, which holds $57.8 billion. Ethereum follows with $51 billion USDT in circulation. The expansion to other blockchains such as Solana, Avalanche and more is partly motivated by the high network costs on Ethereum.

With a 69% market share of the total stablecoin market capitalization, Tether remains the market leader, followed by Circle’s USD Coin, which has a 21% market share with $33.7 billion in circulation. Toncoin (TON) prices saw a temporary 22% increase following the announcement, but have since stabilized again.