Crypto News – It is currently the eleventh-largest Tether blockchain out of sixteen, having already issued $60 million in Tether since the Open Network (TON) began supporting the blockchain on April 19.
TON and Tether Collaboration: Great Start with $60 Million Supply, According to Paolo Ardoino
The TON Foundation and the stablecoin issuer announced a partnership at the Token2049 crypto conference in Dubai on April 19. Tether would be minted on TON as a result of this partnership. The company also disclosed that it has started to provide the gold-pegged Tether Gold (XAUT) stablecoin on TON.
With the $35 million USDT that Tether issued on TON, CEO Paolo Ardoino of Tether stated in a post on X on April 21 that the company was off to a “great start.” But as of April 21, the permitted supply issued on TON has increased to $60 million, per the Tether Transparency report.
Most of Tether’s Circulating Supply is on Tron
At launch, USDT on TON will be accompanied by fully integrated on-ramps from the majority of fiat currencies worldwide, it continued. Soon after, users will be able to withdraw supported fiat currencies straight to their bank accounts or credit cards thanks to integrated global off-ramps.
Nonetheless, the Tron network, which holds $57.8 billion, is where the majority of Tether’s $109.8 billion in circulation is found. With more Tether being used on other blockchains to reduce excessive network costs on Ethereum, the $51 billion USDT in circulation on Ethereum has been steadily declining.
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