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The Impact That Having XAUt on the TON Network Will Have on Gold

 

June 10, 2024 (Investorideas.com Newswire) Tether announced recently that its gold-backed stablecoin XAUt is set to launch on The Open Network (TON) blockchain at the Token2049 event in Dubai. According to Tether, "bringing USDT and XAUt on the TON blockchain will help expand access to decentralized applications across verticals, including payments and gaming." This improved access to Tether's stablecoins in payments and gaming is bound to positively impact gaming sites and casinos with options for live play (Tether transactions are fast enough to suit those playing live games), leading even more players to gamble with crypto without having to deal with the volatility of the market.

Source

Tether's CEO, Paolo Ardoino, announced that the expansion of XAUt to TON is in collaboration with Telegram. Ardoino said, "Telegram has an impressive ecosystem with 900 million monthly active users. Tether has more than 300 million users globally. Tether and Telegram can empower each other's ecosystems." With this move, Tether aims to promote peer-to-peer transactions on XAUt using Telegram's extensive user base. Although TON was initially launched by Telegram, both companies now operate independently due to regulatory concerns.

Although TON is not Tether's largest blockchain, Tether's expansion still holds significant weight thanks to Telegram. The TON Blockchain is seen as a means to execute transactions on Telegram, a versatile social media app known for its active crypto community. Tether's partnership with Telegram holds much potential for XAUt's growth, considering the rapid increase in the total authorized USDt on TON within a few days after its announcement.

One of the key benefits of XAUt's expansion is the simplified access it provides to the gold market. The gold market, known for its low volatility and high liquidity, offers a stable yet lucrative source of returns on capital. However, for the average person, purchasing and securely storing a precious metal like gold can be challenging and expensive. The increased availability of a digitalized version of gold, through XAUt, addresses this fundamental issue, making gold investment more accessible and less cumbersome.

With XAUt's integration into the TON Blockchain, a new era of financial empowerment dawns, allowing more investors to diversify their portfolios with a traditionally less accessible commodity like gold. As Paolo Ardoino puts it, "The launch of USDT and XAUT on TON will enable seamless value transfer, boosting activity and liquidity while offering users a financial experience that can rival those found in the traditional financial system." This introduction of XAUt to TON Blockchain paves the way for a flexible gold market where gold can be traded around the clock with minimal transaction fees. It also ensures security as users can verify the sources of the physical gold they purchase, thanks to the traceable and immutable nature of blockchain networks.

One of the intriguing impacts of Tether's expansion of XAUt to TON on gold is the potential for increased digitalization of gold. To create a market of digital tokens pegged to a physical commodity, the token provider must store a commodity value equal to the amount of tokens in circulation. For instance, Tether stores its pegged gold in a vault in Switzerland. The increased demand for XAUt from Telegram and TON Blockchain users could lead to the digitalization of more gold. This digitalization may create a scarcity of the metal in the traditional market, further increasing its value.

Regulations and restrictions in trading are another aspect of gold that XAUt is influencing. XAUt trades operate on a set of laws different from the conventional system of trading rare metals. As such, Telegram and other TON Blockchain users can make international transactions with little restriction using gold tokens. XAUt holders can quickly get physical gold by exchanging digital tokens for the metal for a minimal fee or even swapping with cryptocurrencies for use in physical and online stores, crypto gambling sites, and an increasing number of outlets that are now accepting crypto.

Every way you look at it, there's an upside!


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