Tether, the issuer of the top stablecoin USDT, has integrated TokenPocket, a leading multi-chain wallet, on the Telegram Open Network [TON]. With this TON joins Ethereum and Binance Smart Chain on its list of supported blockchain networks.
Earlier, the leading stablecoin issuer leveraged the TON network to revolutionize the use of cryptocurrencies as a means of payment, offering users a seamless and convenient way to transact. As per the then-official statement, the move was deemed a “new era of accessibility, efficiency, and convenience for users worldwide”. This is because over $200 million worth of USD₮ has since been issued on TON’s blockchain.
Tether’s association with TON goes back to April, after adding native USDT on the network. Following this successful integration, the network has processed nearly $10 billion in total transfer volume, surging by an impressive 124% month-over-month from June.
Data sourced from Token Terminal showed that user activity has posted similar growth during this time. The total transactions jumped from 208 million in April to now over 627 million [up 200%]. At present, daily active users on TON stand at 482K. (up 231% since April).
Tether Increased Scrutiny
On the other hand, the TON Core team has dabbled in the wallet space by launching its W5 smart wallet standard in partnership with Tonkeeper, aiming to deliver gasless transactions on The Open Network blockchain. The upgrade to the layer-1 blockchain’s pre-existing wallet smart contract will allow users to use Tether for gas fees for USDT transfers and Notcoin for gas fees when transferring NOT.
The above developments underscore Tether’s commitment to revolutionizing cryptocurrency payments and solidifying TON’s position as a leading blockchain network. The leading stablecoin issuer is facing scrutiny from regulators around the world. This includes Markets in Crypto-Assets Regulation [MiCA] in the European Union, a financial regulation that he said would introduce more complexity for issuers and increased scrutiny on EU-licensed stablecoins.
As the regulatory structure regarding stablecoins in the EU remains contentious, key stakeholders such as Tether are proceeding cautiously but with optimism, hoping that regulations play in shaping the future of the industry.
