The TON Foundation has revealed a collaboration with Tether aimed at expanding the availability of USDT on the TON blockchain to a wider range of crypto communities worldwide. Their strategy includes incorporating TON-based USDT into over a hundred exchanges and payment platforms across established and emerging markets within the next few months.
Tether with the TON Foundation to Offer Simple Access to USDT on Ton
The Tether-issued dollar-pegged stablecoin USDT will soon have more access points and users on top of Ton, according to a Tuesday announcement made by the Open Network (TON) Foundation, an organization devoted to supporting projects utilizing the TON blockchain. According to a press release, the goal of this partnership is to make "USDT on Ton accessible to everyone, everywhere."
The program of the TON Foundation seeks to accomplish 100 distinct integrations globally, with some of these already executed in specific countries. These integrations are already being enjoyed by users in South America, Africa, Southeast Asia, Europe, and the Middle East, and more are being discussed.
The integration efforts serve dual purposes. Firstly, they aim to provide convenient access to USDT on the TON blockchain for people in various countries and markets, facilitating swift entry into the TON ecosystem. Additionally, some of these partnerships involve collaborations to enable the use of USDT for purchasing goods and services within the TON network.
Paolo Ardoino, CEO of Tether, emphasized the significance of this initiative, stating, "Initiating mass adoption where it's most impactful."
Since its inception, the TON Foundation has incentivized users to adopt USDT on its network by allocating millions of TON tokens to encourage the use and retention of USDT in Telegram's wallet.
The supply of USDT on TON has surged significantly, reaching a market cap of $130 million just two weeks after its launch.
Currently, nearly 400 million USDT have been issued on TON, marking more than a threefold increase compared to May 3.
However, TON still lags behind other blockchains in terms of USDT supply. Tron leads in this regard, serving as a transactional network for nearly 59 billion USDT according to Tether's transparency page.
June 2024, Cryptoniteuae