Stablecoin issuer Tether confirmed to CryptoSlate its expansion of US dollar-backed USDT and gold-backed XAUT stablecoins onto The Open Network (TON) blockchain, according to an April 19 statement.
The move aims to enhance the utilization of stablecoins for cross-border and peer-to-peer transactions among the 900 million users of the TON-related Telegram messaging application.
According to the firm:
“This integration is poised to boost activity and liquidity on TON, simplifying access to capital for developers and users across various use cases while offering benefits for users by allowing them to hold and move USDt with their TON wallet.”
Tether’s CEO, Paolo Ardoino, affirmed this initiative, adding that it aligns with its objective of “powering open financial infrastructure across the blockchain space.”
TON is one of the rapidly growing decentralized layer-1 blockchains, owing to its association with the crypto-friendly messaging platform Telegram. The network’s native to
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