Why is Toncoin Going Up? Tether USDT Launches Natively on TON Network

Tether, the largest stablecoin issuer, has expanded its terrain into The Open Network (TON), a layer-1 blockchain affiliated with the social media app Telegram. The expansion entails that Tether’s flagship USDT stablecoin and gold-backed asset, XAUT, will be debuted on the TON mainnet. Following the announcement, TON’s native cryptocurrency, Toncoin, saw an impressive price jump before rebounding at $6.4.

USDT Joins TON Blockchain

The announcement was jointly made by Telegram’s CEO Pavel Durov and Tether’s CEO Paolo Ardoino at the ongoing Token2049 event in Dubai.

Highlighting how the latest integration will benefit both blockchain-based ecosystems, Tether’s CEO said:

“The launch of USDT on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.”

According to Tether’s transparency report, $10 million worth of USDT was minted on the TON blockchain. With this integration, Tether’s USDT is now available on 16 networks, including Ethereum, Solana, Avalanche, and others.

TON Blockchain Captures More Attention

Tether’s latest integration with the TON blockchain coincides with news about the blockchain’s rapid growth. Earlier this month, the Telegram-affiliated blockchain flipped the leading memecoin, Dogecoin, to become the ninth largest cryptocurrency by market cap ranking.

Toncoin’s surge is fueled by its connection to Telegram, the social app that has garnered over 900 million users globally. Telegram’s CEO recently stated in an interview that the social platform will likely explore an initial public offering (IPO), meaning more revenue for Telegram.

Other factors that have brought Toncoin to the spotlight include its position as a breeding ground for several engaging blockchain-based projects. Prominent among these projects is the Notcoin game accessible within the Telegram app. Since its inception earlier this year, the game has captured the attention of over 35 million players.

With these milestones, Toncoin’s value is currently more than $6.4. It represents a 5% surge over the past 24 hours.