TON Foundation allocates 11m Toncoin to reward USDT users

The TON Foundation team announced the launch of an incentive program dedicated to cooperation with Tether.

According to a recent post, 11 million Toncoin (TON) have been allocated to reward early USDT users in the TON network. The campaign aims to encourage the adoption of the stablecoin online.

“USDt on TON will be accompanied by fully integrated on-ramps from most fiat currencies globally at launch. Soon, integrated global off-ramps will enable users to withdraw supported fiat currencies directly to bank accounts or cards.”

TON Foundation announcement

The TON Foundation team said five million TON will be allocated to increase rewards in the liquidity pools of the decentralized platforms DeDust and STON.fi. Another five million tokens will be distributed to users using USDT to participate in the Wallet’s Earn campaign.

Toncoin’s 1.2 million tokens will be provided to ensure the free withdrawal of funds through centralized TON partner exchanges. Users can purchase USDT or any other blockchain-based asset and transfer it to TON without commission.

According to CoinMarketCap, Toncoin’s price surged to $7.21 earlier in the day but had fallen to $6.43 per coin at the time of writing. Its market capitalization is $22.3 billion.

TON experienced a significant drop today after Telegram Founder Pavel Durov said the messenger could tokenize stickers. Sticker creators will receive 95% of the income from the sale through the use of the TON blockchain.