The company has launched two stablecoins on the TONNE blockchain: Tether and Tether Gold (XAUT), which is tethered to gold.
Tether has issued $60 million worth of Tether on the platform since it began supporting The Open Network (TONNE) on April 19.
This makes TONNE the eleventh biggest Tether blockchain out of the sixteen that are now supporting the stablecoin.
The stablecoin issuer and the TONNE Foundation announced their strategic partnership at the Token2049 crypto conference in Dubai.
The company has launched two stablecoins on the TONNE blockchain: Tether and Tether Gold (XAUT), which is tethered to gold.
The Open Network group highlighted the new offering’s efficiency by saying that transmitting money across borders is as easy as texting any one of Telegram’s 900 million users—instantaneous, free of charge, and with no intermediaries required.
After just two days of the cooperation, $35 million worth of USDT has been issued on TONNE, according to Tether CEO Paolo Ardoino’s April 21 social media post, which he used to express confidence about the early results.
The most recent Tether Transparency report indicates that this amount has subsequently risen to $60 million.
Users can give and receive funds through direct messaging on Telegram without using blockchain addresses or any other apps thanks to the integration.
At launch, the platform will also offer fully integrated on-ramps for the majority of global fiat currencies. Withdrawals to bank accounts or cards will soon be a breeze with the introduction of worldwide off-ramps.
The bulk of Tether’s $109.8 billion in circulation—$57.8 billion—is still on the Tron network, even though these changes on TONNE are happening.
The second most popular cryptocurrency is Ethereum, which has $51 billion in circulation (though it’s been going down as Tether integrates with other networks to reduce Ethereum’s exorbitant fees).
Solana, with $1.9 billion in circulation, is the third most valuable Tether-supporting blockchain. Other notable ones are Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.
According to data from CoinGecko, out of all the stablecoins, Tether has the most market share at 69% of the $159.5 billion total market cap.
With $33.7 billion in circulation, Circle’s USD Coin is the closest competitor and boasts a 21% market share.
Although Toncoin’s price swiftly returned to its previous levels, it surged by 22% following the announcement. Toncoin is currently selling at $6.13, a 1.6% decrease from its previous price.
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