A Tether stablecoin representative is working closer with Telegram’s Web3 platform by introducing their stablecoins, such as USDT, onto The Open Network (TON).
On April 19, Tether Operations introduced the availability of their U.S. dollar-linked Tether USDT and gold-linked Tether Gold (XAUT) stablecoins on the TON blockchain.
At the crypto event Token2049 in Dubai, Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered their keynote speeches simultaneously with the release of an important announcement.
During the same occasion, Tether unveiled organizational changes and launched four fresh business units: Tether Data, Tether Finance, Tether Power, and Tether Edu.
In Ardoino’s perspective, TON and Tether hold similar goals: an open and decentralized web, and a financially inclusive world without borders.
“Tether’s CEO announced that the introduction of USDT and XAUT on TON will facilitate effortless value transfers, boosting engagement and market fluidity. This comes with a financial experience comparable to traditional financial systems,” is one way to paraphrase the original statement.
Tether’s growth reaches a new achievement with the latest USDT-TON development, broadening its presence on fifteen diverse blockchains. Among them are Tron and Ethereum.
Reaching this achievement is significant for the TON network, as it moved up to become the ninth largest blockchain and cryptocurrency in terms of market value on April 16, surpassing Dogecoin (DOGE).
“The TON blockchain integrates with Telegram, allowing USDT and XAUT on TON to offer a straightforward, borderless payment solution for Telegram’s large user base of over 900 million people worldwide.”
The unique thing about USDT’s launch on TON is that the TON ecosystem enables transfers between fiat and crypto and has ambitions to beat traditional finance in efficiency and ease of use, TON Foundation’s marketing head, Jack Booth, told CryptoMoon. He said:
“With built-in on-ramps for fiat at the launch and global off-ramps to bank cards and accounts coming soon. This will be the first time a mass audience will be able to use crypto infrastructure for global payments.”
USDT being introduced on the TON blockchain in 2023 isn’t a new occurrence of the two systems connecting. For quite some time, USDT has been among the preferred cryptocurrencies accessible within Wallet, a wallet option for Telegram users, alongside other currencies such as Bitcoin (BTC) and Toncoin (TON).
Currently, when using the Wallet platform, the Tron blockchain serves as the go-to choice for USDT transactions, supporting the TRC-20 standard. However, as announced by Halil Mirakhmed, COO of Wallet in Telegram, an alternative option involving TON-based USDT will be introduced to the platform in the future. Despite this addition, TRC-20 USDT will continue to remain a valid option.
At the time of the announcement, the Tron blockchain held the largest proportion of circulating USDT based on information from Tether’s transparency report.
A few weeks ago, news broke that Tether introduced a tool for users to transfer USDT between various blockchains in mid-March 2024. Notably, Tether’s USDT stablecoin reached an unprecedented market capitalization of $100 billion on March 4th, prior to this announcement.
Additional reporting by Felix Ng.
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2024-04-19 14:39