Tether is off to a flying start on the TON blockchain

A few days ago, Tether announced a partnership with the TON Foundation to launch USDT and XAUT on Telegram’s blockchain. That seems to be a success, because there are currently more than 60 million dollars worth of USDT stablecoins living on the TON blockchain.

This puts TON in 11th place of the 16 blockchains that USDT currently lives on.

Tether CEO is enthusiastic

Yesterday, Tether CEO Paolo Ardoino spoke of a “fantastic start” of USDT on the TON blockchain. At that time, the total amount was USDT 35 million.

Already 35M USDt issued on TON.
Great start!

— Paolo Ardoino 🍐 (@paoloardoino) April 21, 2024

That’s great for Tether, because they currently earn about 5 percent annually on every USDT they spend.

After all, that 5 percent is the return that US government bonds currently pay. Tether holds a large part of its portfolio in US government bonds, which means they are currently making “gold of money” on their market cap.

So it is of course logical that Ardoino is very enthusiastic about the now 60 million dollars in USDT on Telegram’s TON blockchain.

Special collaboration

In theory, the collaboration between Tether and Telegram is a very special one. Telegram users basically only need to send messages to send USDT.

“You don’t need a blockchain address or download a new app,” Telegram said.

3/ Faster, Cheaper, Easier.

This initiative is set to transform global peer-to-peer payments, allowing Telegram’s users to send transfers freely and instantly between all Telegram users; all you need to do is send a DM, no need for a blockchain address, and no need to download a…

— TON 💎 (@ton_blockchain) April 19, 2024

That should make it easier for people in countries plagued by high inflation rates. Thanks to the collaboration between Tether and Telegram, they can easily collect US dollars.

With those US dollars they can at least partially protect themselves against inflation. It is of course not Bitcoin, but against other government currencies the US dollar has performed fantastically in recent years.

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