The Open Network (TON) plans to launch a synthetic Bitcoin token called TON Teleport BTC on its blockchain. The token, with the ticker tgBTC, will allow users to trade, stake, and earn yield using BTC. TON aims to open a $10 billion liquidity for the tgBTC token, and it will maintain a 1:1 peg with the price of Bitcoin. TON previously bridged USDT onto its platform and plans to bring other tokens onto its ecosystem after the tgBTC launch. The announcement of the tgBTC launch caused TON's price to drop over 3%. In recent months, several projects, including Coinbase and Kraken, have also launched synthetic Bitcoin tokens.



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