The Open Network Foundation (TON) has announced a new partnership with Tether aimed at expanding global cryptocurrency communities' access to the USDT stablecoin on TON's blockchain.
This initiative aims to integrate USDT, built on the TON blockchain, into more than a hundred cryptocurrency exchanges and payment processors, in both developed and emerging markets, in the coming months.
The TON Foundation, dedicated to supporting and developing the TON blockchain network, has announced its plans to expand the use of USDT (the stablecoin pegged to the US dollar and issued by Tether) on its network.
The institution explained in a press release that this alliance with Tether aims to make “USDT on TON” widely available and easy to use around the world.
TON plans to conduct at least 100 integrations around the world, with some already underway in select markets.
Users in regions such as Africa, Southeast Asia, Europe, the Middle East and Latin America are benefiting from these integrations, with plans to expand to more regions soon.
Since its launch, the TON Foundation has provided incentives for users to adopt USDT on its network, allocating millions of TON to support the use and holding of USDT in the Telegram wallet.
As a result of these efforts, the market cap of USDT on the TON network has grown significantly, reaching $130 million within just two weeks of its launch.
Currently, the total supply of USDT on the TON network stands at nearly $400 million, which is more than three times the supply recorded on May 3.
Despite rapid growth, the TON network is still far from being the main network to incubate USDT.
The Tron network takes the lead as the primary holder of USDT tokens with a transaction value of approximately $59 billion, according to Tether's transparency page.
Through its partnership with Tether, the TON Foundation seeks to strengthen its position in the cryptocurrency market and provide innovative solutions that contribute to the widespread adoption of stable currencies, thus strengthening its role as a major player in this growing field.
