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The TON Foundation has announced a partnership with Tether to broaden the access of global crypto communities to USDT on the TON blockchain. The foundation has outlined plans to integrate TON-based USDT into at least a hundred exchanges and payment processors in both established and emerging markets in the coming months.
TON Foundation and Tether to Provide Easy Access to USDT on Ton
The Open Network (TON) Foundation, an organization dedicated to fostering initiatives using the TON blockchain, announced on Tuesday that it plans to widen the access and usage of USDT, the Tether-issued dollar-pegged stablecoin, on top of Ton. This alliance seeks to make “USDT on Ton accessible to everyone, everywhere,” according to a press release.
TON Foundation’s initiative aims to complete 100 different integrations worldwide, having already managed to execute some of these in certain markets. Users in Africa, Southeast Asia, Europe, the Middle East, and Latin America are already enjoying these integrations, and more are being discussed.
The integrations serve two different purposes. The first is to allow people in each of these countries and markets to have easy access to USDT on Ton, and enter the Ton ecosystem quickly and effortlessly. Also, some of these partnerships include collaborations to enable using USDT payments to acquire goods and services using TON.
Paolo Ardoino, CEO of Tether, commented on the relevance of this move. “Mass adoption, starting from where it matters the most,” he stated.
Since its debut, TON Foundation has given incentives for users to adopt USDT on its network, allocating millions of TON to incentivize using and holding USDT in Telegram’s wallet.
The supply of USDT on Ton has grown vertiginously, reaching a market cap of $130 million just two weeks after being launched. Currently, there are almost 400 million USDT issued on Ton, more than tripling its supply when compared to May 3.
Nonetheless, Ton is far from being the blockchain with the most USDT. The first place is taken by Tron, which serves as a transactional network for almost 59 billion USDT according to Tether’s transparency page.
What do you think about TON Foundation’s efforts to expand access to USDT on Ton? Tell us in the comments section below.