{"id":604084,"date":"2024-04-19T16:00:11","date_gmt":"2024-04-19T16:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=604084"},"modified":"2024-06-11T09:38:29","modified_gmt":"2024-06-11T09:38:29","slug":"toncoin-price-jumps-17-as-tether-widens-payment-choices-on-telegrams-ton-network","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/toncoin-price-jumps-17-as-tether-widens-payment-choices-on-telegrams-ton-network\/","title":{"rendered":"Toncoin Price Jumps 17% As Tether Widens Payment Choices On Telegram’s TON Network"},"content":{"rendered":"

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.\u00a0<\/span><\/p>\n

Tether Expands Reach To 15 Blockchains<\/span><\/h2>\n

On Friday, Tether announced<\/a> 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 <\/span>15 blockchains.\u00a0<\/span><\/p>\n

The integration of TON with <\/span>Telegram<\/span><\/a>, which boasts over 900 million global users, is expected to provide a \u201cseamless and borderless\u201d experience for peer-to-peer (P2P) payments within Telegram’s user base.<\/span><\/p>\n

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 <\/span>blockchain networks<\/span><\/a>\u00a0while increasing the transfer speed and reducing costs.\u00a0<\/span><\/p>\n

Related Reading: Analyst Forecast: Litecoin Poised For $250-$300, But Can It Hold?<\/a><\/div>\n

Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and \u201cdecentralized internet.\u201d Ardoino stated:<\/span><\/p>\n

We\u2019re excited to bring USD\u20ae and XAU\u20ae to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD\u20ae and XAU\u20ae 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.<\/span><\/p><\/blockquote>\n

11 Million TON Tokens To Drive Adoption Of USDT, XAUT<\/span><\/h2>\n

Meanwhile, The Open Network <\/span>claims <\/span><\/a>to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

Related Reading: Bitcoin Halving Could Catalyzed $100,000 Price Surge: Bitwise CEO<\/a><\/div>\n

Ultimately, the introduction of USDT and XAUT on TON, coupled with the <\/span>incentives <\/span><\/a>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.\u00a0\u00a0<\/span><\/p>\n

Toncoin Price Rallies<\/span><\/h3>\n

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 <\/span>all-time high <\/span><\/a>(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.<\/span><\/p>\n

However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at $6.59.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

\"Toncoin
The daily chart shows TON’s price trending upwards. Source: TONUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 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.\u00a0 The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a \u201cseamless and borderless\u201d 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\u00a0while increasing the transfer speed and reducing costs.\u00a0 Related Reading: Analyst Forecast: Litecoin Poised For $250-$300, But Can It Hold? Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and \u201cdecentralized internet.\u201d Ardoino stated: We\u2019re excited to bring USD\u20ae and XAU\u20ae to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD\u20ae and XAU\u20ae 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.\u00a0 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.\u00a0 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. Related Reading: Bitcoin Halving Could Catalyzed $100,000 Price Surge: Bitwise CEO 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.\u00a0\u00a0 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.\u00a0 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. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":604085,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,1558,4085,89449,13177,4100,91454,88618,91241,89448,87713,87379,87912,87714,79564,88282],"class_list":["post-604084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-cryptocurrency","tag-telegram","tag-telegram-integration","tag-telegram-open-network","tag-tether","tag-tether-usdt","tag-tether-ceo","tag-tether-news","tag-the-open-network","tag-toncoin","tag-toncoin-ton","tag-toncoin-analysis","tag-toncoin-price","tag-tonusd","tag-tonusdt"],"acf":[],"yoast_head":"\nToncoin Price Jumps 17% As Tether Widens Payment Choices On Telegram's TON Network<\/title>\n<meta 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