In a significant development in the Web3 space, Tether has partnered with Telegram to bring its USDT stablecoin and Tether Gold (XAUT) to The Open Network (TON). The move, announced on April 19, strengthens the synergy between Tether’s financial technology and Telegram’s vast Web3 ecosystem.
At the Token2049 cryptocurrency event in Dubai, Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote speeches highlighting the collaboration between the two. At the same time, Tether also announced a strategic reorganization, including the establishment of four new business units: Tether Data, Tether Finance, Tether Power, and Tether Edu.
Tether advances blockchain integration with USDT on TON
Ardoino said that TON and Tether share a common vision in promoting an open, decentralized internet and a borderless, seamless financial system. He commented: "Integrating USDT and XAUT into TON enhances liquidity and activity on the network, providing a financial experience similar to the traditional system but more efficient."
The integration marks an important expansion of Tether’s presence on various blockchains, which now total 15, including well-known platforms such as Tron and Ethereum. The addition of Tether’s products to TON, whose native token Toncoin recently surpassed Dogecoin to become the ninth-largest cryptocurrency by market cap, is an important development for the network.
This collaboration is particularly promising for Telegram's 900 million global user base. With TON's infrastructure, USDT and XAUT on TON are expected to simplify peer-to-peer payments and easily combine fiat and cryptocurrency transactions. Jack Booth, head of marketing at the TON Foundation, emphasized the uniqueness of the TON ecosystem, stating: "TON offers a built-in fiat currency on-ramp at launch, and plans to launch global bank card and account off-ramp soon, making it the preferred platform for global cryptocurrency payments."
Tether’s USD₮ and XAU₮ tokens are now live on the TON blockchain and available in Telegram wallets.
Previously, through Wallet, Telegram users could use USDT with a variety of cryptocurrencies, including Bitcoin. Currently, the TRON network is the default blockchain for USDT on Wallet, offering TRC-20 USDT. However, with the new integration, TON-based USDT will also be available, providing additional flexibility for users while continuing to support TRC-20 USDT.
As Tether continues to expand, the TRON blockchain remains an important contributor to USDT issuance. This integration with TON comes on the heels of Tether launching a blockchain migration tool in March 2024 that will make it easy to transfer USDT between different platforms. Just as this tool was launched, USDT’s market capitalization reached an all-time high of $100 billion on March 4.
Through these strategic expansions and technological integrations, Tether has not only expanded its influence in the blockchain space, but also increased the utility and accessibility of its stablecoin to a global audience.
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