Rapid Growth in New Territory
In a significant development for the crypto community, Tether has successfully issued $60 million worth of its stablecoin, USDT, on The Open Network (TON) since April 19. This move ranks TON as the 11th largest blockchain for Tether’s operations, out of 16. The announcement of this collaboration came at the Token2049 event in Dubai, just two days before the minting began.
Seamless Integration and Future Prospects
Tether’s integration into TON not only simplifies transactions for Telegram’s 900 million users by allowing direct message transfers without the need for blockchain addresses but also sets the stage for more user-friendly crypto solutions. Users can expect fully integrated on-ramps for most global fiat currencies at launch, with plans to introduce off-ramps soon, facilitating withdrawals directly to bank accounts or cards.
Additionally, Tether has expanded its product line on TON by launching the gold-pegged Tether Gold (XAUT) stablecoin. This expansion indicates Tether’s strategy to diversify its offerings and enhance its usability on newer blockchains.
Tether’s Market Dominance and Competition
Despite its new ventures, the majority of Tether’s $109.8 billion circulating supply remains on the Tron network, which boasts $57.8 billion in USDT. Ethereum follows closely with $51 billion, although this figure is decreasing as Tether distributes its supply across other blockchains to avoid high fees. Furthermore, Tether retains a dominant position in the stablecoin market, holding a 69% market share against its closest competitor, Circle, which manages a 21% market share with its USD Coin.