USDT launches on TON blockchain as Tether announces US Dollar, Gold-backed tokens

• Appearing at the Token2049 in Dubai, Tether and Telegram CEOs announced launching USDT and XAUT tokens on TON blockchain.
• USDT is the US Dollar-pegged Tether token, while XAUT is the Gold-backed digital token.
• Merchant purchases allow anyone to sell anything as wallet users can send USDT instantly and without fees to contacts.
• This integration is poised to boost activity and liquidity on TON blockchain.

Despite heavy rains in Dubai, only likened to what has been seen 75 years ago, Token 2049’s success continues to hit the news as the premier crypto event brings founders and executives of leading Web3 companies and projects together.

Also Read: Tether, circle diverge on how to tackle global patchwork of stablecoin rules

Tether tokens launch on TON blockchain

Tether has announced the deployment of two tokens: the US Dollar-pegged Tether token (USDT) and Gold-backed digital token (AUXT) on The Open Network (TON). The announcement took place at the Token 2049 in Dubai with Tether, Telegram and The Open Platform CEOs Paolo Ardoino, Pavel Durov and Andrew Rogozov, respectively, in attendance.

The deployments will be an enabler for:

• Seamless value transfer
• Increased activity and liquidity on TON blockchain
• Offering users traditional financial system experience

Being the industry’s pioneer for the stablecoin concept, this move solidifies USDT’s position as the most widely adopted stablecoin. For instance, merchant purchases will make it possible for anyone to sell anything because then wallet users would be able to send USDT instantly and without fees to contacts.

Toncoin (TON) price has not reacted to the news, an action hugely attributed to the broader market lull as traders brace for volatility related to the Bitcoin halving. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.