Tether Plans to Issue Dollar-Pegged Stablecoins on Telegram's Blockchain

Tether, the company responsible for the $108 billion market cap USDT, intends to issue its dollar-pegged and gold-backed stablecoins (XAUT) natively on The Open Network (TON), a blockchain adjacent to Telegram. TON is an independent decentralized layer-1 network launched by Telegram, which has seen rapid growth lately with incentives for onboarding Telegram users. Telegram recently switched to the network's native token, toncoin (TON), from euros as a payment for its advertisement platform.