TON jumps 17% as Tether mints $10m in USDT on TON blockchain

Tether has allegedly minted $10 million in its largest stablecoin by market value on the TON blockchain in a move signaling potential expansion.

Tether Holdings Ltd.‘s USDT, the world’s largest stablecoin, is now available on the TON blockchain, as the firms transparency report indicates an issuance of $10 million on the network. As of press time, Tether made no public announcement on the matter.

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With the latest expansion, USDT is now availalbe on 16 networks, including Solana, TRON, and Avalanche among others. Amid the news, TONs native token Toncoin jumped by over 17%, surging to $7.15, according to data from CoinMarketCap.

The move comes shortly after Tether announced reorganization plans to expand into other areas besides stablecoins. In an Apr. 18 announcement, the firm said it plans to change its structure into four divisions and unveiled a new vision to expand beyond the stablecoin sector.