In a significant move that underscores the growing adoption of the TON Network, Tether, the world’s largest stablecoin issuer, has announced that the cryptocurrency wallet TokenPocket now supports USDT-based transactions on the Telegram Open Network (TON). This development allows TokenPocket users to seamlessly send and receive USDT on the TON platform, marking another milestone in the integration of Tether into this burgeoning blockchain ecosystem.
According to news sources, the journey began in April 2024 when Tether added support for the TON Network. This strategic addition enabled users to transact with USDT directly on the TON blockchain, aligning with Tether’s mission to enhance the accessibility and utility of its stablecoin across various platforms. The integration was further bolstered in early May 2024 through a promotional campaign in collaboration with the TON Foundation, aimed at boosting liquidity of USDT within the TON Network.
Within just two weeks, the capitalization of USDT on the TON blockchain surged past $230 million, according to reports, a testament to the rapid adoption and potential of this integration. Although this figure represents only 0.2% of Tether’s total market capitalization of $113 billion, it is fully verified by the reserve data available on Tether’s website.
Paolo Ardoino, CEO of Tether, emphasized the strategic importance of this move, stating that Tether aims to extend its reach across as many Web3 services as possible. By integrating with TON , Tether provides its users with a reliable and efficient platform for transferring USDT globally. However, it’s important to note that due to regulatory restrictions, this feature is not available to users in the United States and certain other banned countries.
What Does This Integration Mean For the TON Network?
One of the primary objectives of this integration is to equip the TON community and Telegram messenger users with access to a broad range of decentralized products and services. Given that Telegram boasts over 900 million users worldwide, according to reports, this integration is poised to significantly increase user engagement and liquidity within the TON ecosystem, thereby enhancing the utility and adoption of USDT.
The TON Network offers several advantages for storing and using USDT. Known for its speed and cost-efficiency, the average transfer fee on the TON Network is approximately $0.3 as of May 2024. Additionally, the TON Network has demonstrated its capability by setting a world record in October 2023 for the highest number of transactions processed per second (TPS) on a blockchain, achieving an impressive 104,655 TPS. This makes the TON Network an attractive option for users needing fast and economical USDT transfers.
The recent launch of USDT on the TON Network presents token holders with numerous opportunities to earn higher returns through deposits, liquidity mining, and farming within the Toncoin ecosystem. As the TON ecosystem continues to expand rapidly, the TON Foundation is actively allocating additional reserves to reward liquidity providers, aiming to attract a larger user base and bolster the network’s growth.
This integration not only enhances the functionality of the network but also aligns with Tether’s broader vision of making its stablecoin a versatile tool in the Web3 landscape. By providing a robust and transparent platform for USDT transactions, Tether and the TON Network are set to offer a compelling proposition to users and investors alike.
In conclusion, the support of USDT by TokenPocket marks a pivotal step in the evolution of both Tether and the TON blockchain. This integration promises to enhance the liquidity and usability of USDT, attracting a substantial user base from Telegram’s extensive global community.
As Tether continues to explore new avenues for expanding its stablecoin’s reach, the TON Network stands out as a promising platform that aligns with Tether’s goals of broader Web3 service coverage. The ongoing developments and potential growth of the network will be closely watched by the crypto community, featuring prominently in discussions about the future of decentralized finance.
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