TON announced plans to launch a synthetic Bitcoin tgBTC on the TON chain. tgBTC will maintain a 1:1 peg with the price of BTC. TON is down over 3% following the announcement. TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%. TON price is under pressure amid preparation to launch Teleport Bitcoin The Open Network (TON) announced the introduction of a new synthetic Bitcoin token, TON Teleport BTC, allowing users to bridge Bitcoin directly to the TON chain. The synthetic Bitcoin token will carry the ticker tgBTC and enable DeFi possibilities for TON users, including trading, yield farming, and staking BTC. TON claims it plans to open a $10 billion liquidity for the tgBTC token at launch.