Toncoin Integrates With Tether Ecosystem
12 Feb, 2025 ● Vijesti o kovanicama
The Open Network (TON) is expanding its cross-chain functionality through a new partnership with the major interoperability protocol LayerZero.
According to a Feb. 11 announcement from the TON Foundation shared with Cointelegraph, this integration is designed to link TON with over 100 different blockchains, including Ethereum, Tron, and Solana.
A TON Foundation spokesperson highlighted the integration’s significance in connecting TON to Tether’s USDT stablecoin ecosystem, stating, “This integration makes TON highly interoperable, and users can bridge assets across a wide variety of chains through LayerZero’s messaging protocol.”
Key partners involved in the integration include Tether, synthetic stablecoin issuer Ethena, and the LayerZero-powered cross-chain bridge protocol Stargate.
With this integration, users can seamlessly transfer tokens like USDT from networks such as Ethereum and Tron directly to the TON blockchain.
This functionality is facilitated by the Stargate platform, which serves as a gateway for bridging assets.
“This integration with LayerZero represents the first interoperability protocol to bring major applications like Stargate and Ethena to TON. For us, it marks a major milestone in expanding interoperability and connecting TON to other networks,” the TON Foundation representative added.
This move is part of TON’s broader cross-chain strategy.
The TON Foundation has been actively working to link its ecosystem with various blockchains, including Bitcoin, over the past few years.
One notable initiative is the TON Application Chain, which bridges TON with Ethereum’s developer environment, making it easier to build applications using the Ethereum Virtual Machine (EVM) on TON.
“While previous bridging efforts did link TON to other networks, the integration with LayerZero plays a key role in connecting TON to the USDT ecosystem, making us an integral part of the bridging hub for the largest stablecoin in the space,” the spokesperson noted.
They further emphasized, “Beyond that, LayerZero’s support for major projects and its seamless integration of USDT marks a new phase of growth for TON within the multichain ecosystem.”
This collaboration could enable TON to access the vast supply of USDT circulating on Ethereum and Tron—the two leading networks for USDT issuance.
According to Tether’s transparency page, Ethereum and Tron together account for $136 billion of USDT in circulation, representing 96% of the total net supply.
Solana, the third-largest blockchain for USDT, has around $1.8 billion in circulating supply since USDT was first launched on the network in March 2021.
Since its debut on TON in April 2024, USDT has experienced rapid growth, surpassing $1 billion in circulating supply within just five months.
Currently, TON ranks as the fourth-largest network for USDT, with $1.4 billion of TON-based USDT in circulation.
Sources:
https://cointelegraph.com/news/ton-connects-usdt-ecosystem-layerzero-integration
