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Our analysis of the situation
Tether, the mastermind behind the popular USDT stablecoin, has recently flexed its muscles by expanding its reach to The Open Network (TON), which has set the Toncoin price running with a 17% spike in just 24 hours.
In an electrifying move, Tether launched its dollar-pegged USDT token and the gold-backed Tether Gold (XAUT) on The Open Network, shaking the crypto landscape by stretching its presence to a whopping 15 blockchains. Tether's steely-eyed aim? Enabling seamless value transfers between the TON ecosystem and other blockchain networks while dialing up speeds and dialing down costs.
Paolo Ardoino, the maestro at Tether's helm, couldn't contain his enthusiasm, highlighting Tether's relentless support for The Open Network's vision of an open and decentralized internet and a worldly financial system that knows no borders. With USD₮ and XAU₮ making their grand entrance on TON, get ready for a financial experience that rivals what you'd savor in traditional financial settings.
But that's not all—TON is sweetening the pot further, dangling a tantalizing 11 million TON tokens as juicy incentives to drive the adoption of USDT and XAUT. With the TON Foundation gearing up to revamp global peer-to-peer payments, Telegram users are poised to fling money around in a flash without undergoing the pains of snagging a blockchain address or downloading yet another app.
Picture rolling hills of incentives, including five million TON to fuel rewards in USDT/TON liquidity pools across TON decentralized exchanges like StonFi and Dedust. And that's not where the gravy train stops—another 5 million TON is earmarked for users who deposit USDT to Telegram’s wallet's Earn campaign. Plus, withdrawals to TON from supporting exchanges will be a free-for-all fiesta until the end of June 2024.
Guess what? The Toncoin price dance has been nothing short of hair-raising. It hit the high notes at $8.02, following the partnership reveal, reviving the bullish spirit and marking the bulls' territory at the current $6.59. The heights of $7.70 loom tantalizingly close, giving Toncoin the runway to soar past the $8 threshold and bid adieu to the previous all-time high.
As Tether and The Open Network team up for a show-stopping performance, brace yourself for a flurry of financial frolics and Toncoin acrobatics. Strap in and watch the fireworks unfold as Tether weaves its spell on The Open Network, setting the stage for a seismic shift in the crypto tides.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
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Please, behave!