Tether expands its Web3 presence by integrating the USDT Stablecoin with the TON blockchain.

adminApril 19, 2024

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In a significant development in the Web3 space, Tether has teamed up with Telegram to introduce the USDT stablecoin and Tether Gold (XAUT) to The Open Network (TON). The move, announced on April 19, enhances the synergies between Tether’s financial technology and Telegram’s broader Web3 ecosystem.

At the Token2049 cryptocurrency event in Dubai, Tether CEO Paolo Ardoino gave a keynote speech highlighting collaboration with Telegram founder Pavel Durov. Along with this announcement, Tether also unveiled a strategic restructuring, including the formation of four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.

Tether advances blockchain integration with TON’s launch of USDT

Ardoino said that both TON and Tether align with the vision of fostering an open, decentralized internet and a seamless, borderless financial system. “Integrating USDT and XAUT into TON will improve liquidity and activity on the network, providing a financial experience similar to existing systems but with greater efficiency,” he said.

This integration marks a pivotal expansion of Tether’s presence across various blockchains, now totaling 15, including well-known platforms such as Tron and Ethereum. The addition of Tether’s offering to Toncoin’s TON, a native token that recently surpassed Dogecoin as the ninth-largest cryptocurrency by market capitalization, marks a significant development for the network.

This partnership is particularly promising for Telegram’s user base, which is estimated at more than 900 million people worldwide. With TON’s infrastructure, TON’s USDT and XAUT are ready to simplify peer-to-peer payments and easily combine fiat and cryptocurrency transactions. Highlighting the unique aspects of the TON ecosystem, Jack Booth, Head of Marketing at the TON Foundation, said: “It is the best platform for global cryptocurrency payments.”

Tether tokens USD₮ and XAU₮ are now live on the Ton blockchain and @telegram wallet. pic.twitter.com/9KdoKT19Jc
— Tether (@Tether_to) April 19, 2024

Previously, Telegram users could access USDT through Wallet, a third-party managed wallet that supports a variety of cryptocurrencies, including Bitcoin. Currently, the Tron network serves as the primary blockchain for USDT, with wallets offering TRC-20 USDT. However, with the new integration, TON-based USDT will also be available, providing additional flexibility for users, while TRC-20 USDT will still be supported.

As Tether continues to expand, the Tron blockchain remains a significant contributor to USDT issuance. This integration with TON follows closely on the heels of Tether’s March 2024 launch of its blockchain migration tool, which makes it easy to transfer USDT across a variety of platforms. The tool was introduced as soon as USDT’s market capitalization reached an all-time high of $100 billion on March 4.

Through this strategic expansion and technology integration, Tether not only expands its presence in the blockchain landscape, but also improves the usability and accessibility of stablecoins for users around the world.

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