Tether Expands its Reach on Telegram with USDT and Gold-Backed Coins

Tether, the company behind the largest stablecoin in the market, is set to broaden its horizon by introducing its USDT and its gold-backed coin, XAUT, to the Open Network (TON). TON is the blockchain linked to Telegram, a popular messaging app with a user base of 900 million.

Gold and Dollars on Telegram?
Earlier this week, Tether’s “Transparency page” reported that there are USDT tokens worth $10 million on the TON blockchain. Out of this amount, $3 million has already been utilized.

This move by Tether aims to leverage Telegram’s nearly 900 million users to expand the market presence of USDT and XAUT. It’s a significant development for Telegram’s blockchain as well, providing its users access to USDT, the biggest stablecoin in the market.

Tether is widely popular in DeFi applications as collateral. Theoretically, this partnership could ensure the prosperity of TON’s decentralized financial ecosystem.

Moreover, blockchain enthusiasts can now easily invest in gold through Tether’s XAUT token. This is particularly appealing as gold is currently experiencing a significant bull market by its standards.

Enthusiasm from Tether’s CEO, Paolo Ardoino
Tether’s CEO, Paolo Ardoino, expressed his enthusiasm about the initiative: “Launching USDT and integrating traditional financial systems into the blockchain space enriches the entire ecosystem and enhances the utility of digital currencies.”

The TON blockchain has shown substantial growth, now boasting 1.7 million active users monthly, a stark increase from 100,000 six months ago.

The token has also performed impressively, registering a growth of over 200% since the start of the year. These figures are far beyond what even Bitcoin, with about a 50% increase, has managed to achieve.

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