Tether Enters TON Blockchain, Currently at $60 Million
Tether, one of the largest stablecoin cryptocurrencies, announced its collaboration with the TON Foundation at the Token 2049 event in Dubai.
As a result, Tether worth $60 million has been issued on the TON blockchain. This partnership will enable Telegram users to instantly and freely transfer funds between each other without the need for a blockchain address or downloading additional applications.
While most of Tether's circulation still remains on the Tron network, an increasing amount of the cryptocurrency is being deployed on various blockchains to mitigate high network fees on Ethereum. Tether also holds a stablecoin market share of 69%, with its closest competitor, Circle, holding a share of 21%.
The price reaction of Toncoin (TON) to this news was initially positive but quickly returned to previous levels. The day ended with a decrease of 1.6%, with a price of $6.13 per token.
