The recent strategic move by Tether has had an enormous impact on the price of Toncoin, which is the original token of The Open Network (TON). In the last 24 hours, the price of Toncoin has gone up by 17%.
The price went up after Tether announced on Friday that its USDT dollar-pegged token and Tether Gold (XAUT), a digital token backed by gold, would be available on The Open Network. This growth is an important milestone for Tether because it means the company is now present on 15 blockchains.
The addition of TON to Telegram, which has more than 900 million users around the world, is expected to make peer-to-peer (P2P) payments easy for Telegram’s massive user base.
With the addition of USDT and XAUT to TON, Tether aims to make it easier for users in the TON environment and other blockchain networks to send and receive value, which will speed up the process and lower the cost.
Tether’s Revolutionary Payment Solutions
The Open Network, on the other hand, wants to change the way global peer-to-peer payments are made by letting Telegram users make instant trades without needing to download any extra apps or have a blockchain address.
Importantly, USDT on TON will have fully integrated on-ramps that can handle most foreign currencies around the world. Integrated global off-ramps will also make it easier for users to withdraw supported fiat currencies straight to their cards or bank accounts.
The TON Foundation has given away 11 million TON tokens as an incentive to get people to adopt. These will be given to people who are taking part in Telegram’s Earn campaign and used to increase prizes in USDT/TON liquidity pools across TON decentralized exchanges (DEXes).
All users will also be able to withdraw TON for free from exchanges that accept it until the end of June 2024. These exchanges include OKEx, Bybit, and KuCoin.
The news of the agreement caused the price of Toncoin to rise quickly. It reached $8.02 on Friday, following a decline from its all-time high (ATH) of $8.79 on April 11. The price of Toncoin dropped to $5.42 on April 13, but the latest news has brought it back up, and it is now trading at $6.59.
Toncoin’s price wants to break through the support level of $7.70, which could make it possible to break through the $8 mark and show that it is on the right track to beat and surpass its previous all-time high.
