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Cryptocurrency world often encounters various developments that can excite investors. The latest development concerns the cryptocurrency Toncoin. Tether has made a statement. Let’s look into the details.
USDT Support for TON Network
In the announcement made by Tether, it was declared that USDT support has been added to the TON network. The company states that all Tether tokens are pegged at a 1:1 ratio with a matching fiat currency and are 100% backed by Tether’s reserves.
Following this development, we see that the price of Toncoin has reached $7.09. There is approximately a 12% increase in price on a daily basis. The peak price level for Toncoin occurred on April 11, when the price reached $7.65.
With the retreat of Bitcoin, the flagship of cryptocurrencies, the TON price had dropped below $5.75, but it has quickly recovered, raising hopes for the future among investors. The Tether development can also be seen as a positive development for TON investors. Lastly, the expanding usage of Toncoin could reflect in its price in the future. Toncoin is currently the eighth largest in the cryptocurrency world.
