Tether Launches USDT, XAUt Tokens on The Open Network

April 19, 2024
USDT XAUT tokens

By Aduragbemi Omiyale

A notable company in the digital asset industry, Tether, has launched its tokens, the USDT and XAUT on The Open Network (TON).

The introduction of USDT and XAUT on TON will facilitate seamless value transfer between users on its ecosystem and other blockchain networks, allowing a swift, secure, and cost-effective process.

With Tether’s launch of the tokens, users will gain access to a peer-to-peer digital dollar and digital gold experience that represents a borderless financial system.

This integration is poised to boost activity and liquidity on TON, simplifying access to capital for developers and users across various use cases while offering benefits for users by allowing them to hold and move USDt with their TON wallet.

The inclusion of USDT, the widest and most utilized stablecoin in the industry, offers significant support for TON in its ongoing development of a robust financial and payments infrastructure.

Business Post reports that TON offers a decentralized alternative to the conventional internet through blockchain technology. Not only does TON provide essential services like decentralized storage and payments to support decentralized applications (dApps), but it also works with the popular Telegram messaging service.

This integration provides convenient access to decentralized services for Telegram’s extensive user base, enhancing the overall user experience. TON also offers a high-speed blockchain and Toncoin, its native cryptocurrency.

Toncoin facilitates borderless access to decentralized applications spanning various domains such as payments, storage, gaming, and more.

“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 launch of the two tokens 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,” the chief executive of Tether, Mr Paolo Ardoino, stated.

The XAUT is a gold-backed digital token, while USDT is the US Dollar pegged Tether token, a stablecoin that has provided simple, borderless experience for peer-to-peer (P2P) payments for Telegram’s user base and others.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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