Today is 05:13:17 ()․ This article provides a detailed look at the integration of Tether’s USDT stablecoin with The Open Network (TON) blockchain, its implications, and the current state of adoption․
What is TON?
The Open Network (TON) is a global, decentralized blockchain community focused on building the Web3 ecosystem within Telegram․ Originally developed by Telegram, TON is designed to be a fast, scalable, and user-friendly blockchain․ After transitioning to community-led development, it has evolved into a robust ecosystem supporting decentralized applications (dApps), smart contracts, and now, stablecoins like USDT․
TON offers several unique services:
- TON Storage: Provides private encryption using the wallet owner’s private key․
- TON Proxy: Enables access to the TON blockchain via decentralized VPNs․
- TON DNS: Allows traditional websites to function within the TON network using short, readable names․
The Launch of USDT on TON
In April 2024, Tether launched USDT natively on The Open Network (TON)․ This marked a significant step in decentralized finance (DeFi), offering millions of Telegram users a simple and low-cost method for transferring stablecoins․ This integration, in conjunction with Telegram, has made crypto payments as easy as sending a text message․
Tether also expanded its gold-backed token, XAUT, onto the TON blockchain, further broadening the range of assets available within the TON ecosystem․
Why TON for USDT?
TON’s architecture is particularly well-suited for stablecoin transactions due to its:
- Speed: In October 2023, TON achieved a record-breaking 104,655 transactions per second (TPS), making it one of the fastest blockchains available․
- Cost-Effectiveness: TON offers significantly lower transaction fees compared to many other blockchains, especially Ethereum․
- Integration with Telegram: The close relationship with Telegram provides seamless access to a massive user base․
Growth and Adoption of USDT on TON
The adoption of USDT on TON has been remarkably rapid․ In May 2024, the total value of USDT on the TON blockchain was approximately $130 million․ However, over the following six months, this figure surged by 670%, reaching $1․02 billion․ This demonstrates a growing preference for TON among users seeking efficient stablecoin solutions․
The discontinuation of the USDT (Ethereum) – jUSDT (TON) bridge by the TON Foundation further contributed to this growth․ By capping the supply of the wrapped token, arbitrage opportunities were limited, encouraging users to hold native USDT on TON․
Expanded Support and Interoperability
Bitfinex customers now have the ability to deposit USDt across 18 different blockchains and withdraw USDt across 15 blockchains, including TON․ This expanded support highlights the increasing acceptance of TON within the broader cryptocurrency ecosystem․
While some wallets, like Phantom, do not currently support the TON blockchain directly, users can bridge USDT from TON wallets to networks supported by Phantom, such as Ethereum, SPL, or Polygon․
Future Outlook
Tether believes that bringing USDT and XAUT to the TON blockchain will expand access to decentralized applications across various sectors, including payments and gaming․ The continued development of the TON ecosystem and its integration with Telegram position it as a key player in the future of Web3․
The expansion of USDT on TON represents a significant development in the cryptocurrency space, offering users a faster, cheaper, and more accessible way to transact with stablecoins․
