Tether Gold

Gold

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 <p class="paragraph">Tether, the company behind the $108 billion market cap USDT, has expanded its offerings on Telegram’s The Open Network (TON), introducing its U.S. dollar-pegged USDT and the gold-pegged Tether Gold (XAUT) stablecoins.</p>
 <p class="paragraph">CEO Paolo Ardoino, speaking at Dubai’s Token2049 event, announced this strategic expansion into Telegram’s Web3 ecosystem, aiming to revolutionize peer-to-peer payments and integrate seamless financial services for its over 900 million monthly active users.</p>
 <p class="paragraph">Telegram, a privacy-focused messaging app, has recently embraced TON—a blockchain initially developed by Telegram and now operated independently. The platform has made a significant shift from using euros to Toncoin, TON’s native <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>, by integrating it into Telegram’s ad buy and revenue-sharing programs, as the company announced.</p>
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 <p class="paragraph">Pavel Durov, the founder of Telegram, emphasized at the Token2049 conference that the platform continues to lead in blockchain integration, from <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>izing usernames to enhancing user monetization through innovative blockchain applications.</p>
 <p class="paragraph">Recently, Tether faced criticisms about “unbaked” printing of $1 billion in USDT, minted for “inventor replenish,” in Paolo Ardoino words.</p>
 <h2 class="wp-block-heading" id="h-financial-innovations-and-market-impact">Financial innovations and market impact</h2>
 <p class="paragraph">Interestingly, Tether’s transparency report revealed an authorization of $10 million worth of USDT on the TON blockchain, with $3 million already issued, signifying a strong start.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2024/04/20/02725da64fa229735b9019fe92877fb7.webp" alt class="wp-image-170382" srcset="https://cdn.thebittimes.com/images/2024/04/20/02725da64fa229735b9019fe92877fb7.webp 1024w, https://cdn.thebittimes.com/images/2024/04/20/02725da64fa229735b9019fe92877fb7.webp 300w, https://cdn.thebittimes.com/images/2024/04/20/02725da64fa229735b9019fe92877fb7.webp 768w, https://cdn.thebittimes.com/images/2024/04/20/02725da64fa229735b9019fe92877fb7.webp 1536w, https://cdn.thebittimes.com/images/2024/04/20/02725da64fa229735b9019fe92877fb7.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Tether transparency chart
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 <blockquote class="wp-block-quote">
  <p class="paragraph">We’re excited to bring USDT and XAUT to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> of USDT and XAUT 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.</p> <cite>Paolo Ardoino, CEO at Tether.<br></cite>
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 <p class="paragraph">Following Tether’s announcement, Ramp Network disclosed plans to enable purchases and withdrawals of USDT on TON. This enhancement will facilitate easier access to cryptocurrencies via fiat on-ramps, potentially enriching the TON ecosystem with new users and increased transaction volume.</p>
 <p class="paragraph">Crypto transactions should be as simple as texting,” remarked Ramp CEO Szymon Sypniewicz, indicating the future direction of crypto transactions on the platform.</p>
 <h2 class="wp-block-heading" id="h-market-response">Market response</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="471" src="https://cdn.thebittimes.com/images/2024/04/20/06c3cf619a7c56bbb1c54e2f256fa887.webp" alt class="wp-image-170383" srcset="https://cdn.thebittimes.com/images/2024/04/20/06c3cf619a7c56bbb1c54e2f256fa887.webp 1024w, https://cdn.thebittimes.com/images/2024/04/20/06c3cf619a7c56bbb1c54e2f256fa887.webp 300w, https://cdn.thebittimes.com/images/2024/04/20/06c3cf619a7c56bbb1c54e2f256fa887.webp 768w, https://cdn.thebittimes.com/images/2024/04/20/06c3cf619a7c56bbb1c54e2f256fa887.webp 1435w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   TONCOINUSD chart. Source: <em>TradingView</em>
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 </figure>
 <p class="paragraph">Notably, the anticipation surrounding Tether’s announcement has led to a notable surge on April 19th, 2024. Toncoin experienced a noteworthy price movement. The price surged over 14.8% within a 24-hour window, reaching a peak of around $7.15, although it faced fluctuations due to market dynamics.</p>
 <p class="paragraph">The trading volume spiked by more than 90%, reflecting heightened trader interest and optimism about the potential impact of these developments on the cryptocurrency market.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tether-launches-usdt-and-tokenized-gold-on-telegram-s-ton-network-tbt85863.html">https://thebittimes.com/tether-launches-usdt-and-tokenized-gold-on-telegram-s-ton-network-tbt85863.html</a></p>

Tether launches USDT and tokenized gold on Telegram’s Ton Network

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