HomeBitcoinToncoin Cost Surges 17% As Tether Expands Payment Options On Telegram's TON...

Toncoin Cost Surges 17% As Tether Expands Payment Options On Telegram’s TON Network


Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours. 

Tether Expands Reach To 15 Blockchains

On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains. 

The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments within Telegram’s user base.

With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs. 

Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and “decentralized internet.” Ardoino stated:

We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.

11 Million TON Tokens To Drive Adoption Of USDT, XAUT

Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app. 

Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards.

The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust. 

Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024.

Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.  

Toncoin Price Rallies

Following the disclosure of the partnership, the Toncoin price surged, reaching a high of $8.02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of $8.79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of $5.42 on Saturday, April 13.

However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at $6.59. 

It aims to surpass the price resistance level of $7.70, which will pave the way for reaching and surpassing the $8 mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH.

The daily chart shows TON’s price trending upwards. Source: TONUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.


Please enter your comment!
Please enter your name here


Positive Analystic View Regarding XRP Surge Despite Cancellation of SEC Meeting

Nobody in the XRP community expected the SEC to cancel a meeting behind closed doors on July 18 without giving any reason. Some people...

Forecasting the Price Surge of Banana Gun: BANANA Skyrockets by 28% Following Binance Trading Announcement, Elevating Meme Games ICO with $160K Raised

Join Our Telegram channel to stay up to date on breaking news coverage The Banana Gun price soared 28% in the last 24 hours to...

XRP Price Experiences a Decline, Nevertheless Uptrend Support Remains Resilient

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency...

Latest Cryptocurrency Rollouts, Additions, & Initial Sales Today – Vitreus, Laika AI, Ruby Protocol

Join Our Telegram channel to stay up to date on breaking news coverage Several positive news stories are triggering renewed investor confidence amid the cryptocurrency...

Most Popular