- Tether announces USDT, XAUT support for TON at Token2049 Dubai.
- The roll-out of USDT on TON is imminent.
- The TON token has been on a roll lately.
In a significant development for the TON blockchain, Tether, the leading stablecoin issuer, announced the integration of its USDT and XAUT stablecoins into the TON blockchain.
This move is expected to boost TON’s utility, bring additional liquidity to its ecosystem, and potentially attract new users.
Tether X TON
News of Tether adding USDT, XAUT support on the TON blockchain broke at Token2049 Dubai. In a standalone announcement on the M2 Main Stage at 12:20 GMT, Tether CEO Paolo Ardoino and Telegram CEO Pavel Durov jointly revealed that USDT and XAUT stablecoins would be integrated into the TON blockchain.
Per a press release shared with DailyCoin, Ardoino spoke of the synergy between the two companies, welcoming TON into the fold of supported blockchains.
“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,” enthused Ardoino.
USDT is set to go live on TON as soon as April 20, with $10,000,000 worth of liquidity already minted and ready for trading per Tether’s transparency report by blockchain.
Details for XAUT’s TON integration remain unclear at this time. XAUT is a gold-backed crypto token that tracks the ounce price of gold and is redeemable for physical gold delivered to Swiss addresses.
XAUT shares characteristics of a stablecoin, in that its price is pegged to the price of the underlying, backing asset. But as the dollar price of gold can fluctuate dramatically, XAUT is a gold exposure play, rather than one of price stability.
TON Volatility
Shortly after the Tether announcement, the TON price climbed to an intraday high of $7.22 on the news. However, TON quickly gave back those gains, falling a sharp 10% to its current price of $6.55 at the time of writing.
Since late February, TON has surged a staggering 260%, reaching an all-time high of $7.67 on April 11. This strong run of form is attributed to TON’s partnership with HumanCode, which aims to introduce palm-scanning technology to the Telegram platform, and Durov teasing the possibility of an initial public offering.
Read more on TON price’s recent show of strength here:
Telegram’s Toncoin Outstrips Dogecoin: New ATH on the Way?
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