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The Open Network (TON) platform has recently seen developments that have resonated widely within the cryptocurrency world. Under the leadership of Tether, the support initiated on the TON Blockchain on April 19 resulted in the issuance of $60 million worth of Tether. However, it should be noted that this positive development did not reflect positively on the price of the TON cryptocurrency.
TON Network Becomes the 11th Largest Blockchain
This step has made TON the 11th largest blockchain supporting a stablecoin among 16 blockchains currently supporting Tether. The announcement of the strategic partnership between the TON Foundation and the stablecoin issuer was made at the Token2049 crypto conference in Dubai.
In addition to Tether, the firm also introduced the gold-backed Tether Gold (XAUT) stablecoin on the TON Blockchain. This step is considered a significant move towards offering greater diversity to TON’s financial ecosystem and its users.
Advantages Offered by the Platform
Among the advantages offered by the platform, the ability to make instant and free cross-border payments as simply as sending a short message through Telegram‘s extensive user base stands out. This development highlights an increase in universal accessibility in the crypto world.
As Tether CEO Paolo Ardoino mentioned in a social media post on April 21, the issuance of 35 million USDT on TON in the early days of the partnership is seen as a sign of successful progress.
However, these developments on TON do not overlook the fact that a large portion of Tether’s total supply is still on the Tron network. Considering Tether’s position in the crypto world by market value, just behind Ethereum, these moves on TON could have a significant impact on the cryptocurrency market.
What’s the Price of Toncoin?
The increasing demand for Tether on TON and the advantages offered by the platform are emerging as notable developments in the crypto world. However, their impact on prices is still unclear. Short-term fluctuations in the price of Toncoin show how the market is reacting to these new developments. According to recent data, the cryptocurrency Toncoin is trading at $5.47, down 6.6%.
These developments once again highlight the dynamism and speed of the cryptocurrency world. The support TON provides to Tether could be an important step for the future adoption and use of cryptocurrencies.
