USDT launches on TON blockchain as Tether announces US Dollar, Gold-backed tokens
- Appearing at the Token2049 in Dubai, Tether and Telegram CEOs announced launching USDT and XAUT tokens on TON blockchain.
- USDT is the US Dollar-pegged Tether token, while XAUT is the Gold-backed digital token.
- Merchant purchases allow anyone to sell anything as wallet users can send USDT instantly and without fees to contacts.
- This integration is poised to boost activity and liquidity on TON blockchain.
Despite heavy rains in Dubai, only likened to what has been seen 75 years ago, Token 2049’s success continues to hit the news as the premier crypto event brings founders and executives of leading Web3 companies and projects together.
Also Read: Tether, circle diverge on how to tackle global patchwork of stablecoin rules
Tether tokens launch on TON blockchain
Tether has announced the deployment of two tokens: the US Dollar-pegged Tether token (USDT) and Gold-backed digital token (AUXT) on The Open Network (TON). The announcement took place at the Token 2049 in Dubai with Tether, Telegram and The Open Platform CEOs Paolo Ardoino, Pavel Durov and Andrew Rogozov, respectively, in attendance.
The deployments will be an enabler for:
- Seamless value transfer
- Increased activity and liquidity on TON blockchain
- Offering users traditional financial system experience
Being the industry’s pioneer for the stablecoin concept, this move solidifies USDT’s position as the most widely adopted stablecoin. For instance, merchant purchases will make it possible for anyone to sell anything because then wallet users would be able to send USDT instantly and without fees to contacts.
Telegram announces the integration of the TON blockchain to enable;
1. Ad revenue sharing.
2. Tipping to creators
3. Most exciting, merchant purchase that will allow anyone to sell anything.
4. Usernames can be purchased as NFT’s.
5. They are also tokenizing Emojis!!! HUGE!!!… pic.twitter.com/L14Ek6lf8P— Ran Neuner (@cryptomanran) April 19, 2024
Toncoin (TON) price has not reacted to the news, an action hugely attributed to the broader market lull as traders brace for volatility related to the Bitcoin halving.