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Speaking on stage at Token 2049 in Dubai, the CEOs of Tether and Telegram announced on Friday that USDT, the world’s largest stablecoin, will be launched on the Open Network (TON) and Telegram wallets to support Telegram’s cryptocurrency expansion. It was jointly announced that It confirms the existence of the TON blockchain and accelerates its growth in itself.
“The launch of USDT on TON will enable seamless transfers of value globally through a simple experience consistent with traditional financial systems,” said Tether CEO Paolo Ardoino. “This furthers our mission to strengthen open financial infrastructure across the blockchain space.”
Telegram, a privacy-focused messaging app, currently has over 900 million monthly active users, according to the company. In recent months, TON has integrated TON’s native token, Toncoin, into Telegram’s ad buying and revenue sharing program, adopting TON, a blockchain first developed and then maintained independently by Telegram.
Now, TON executives say the blockchain network will be able to scale much faster with the backing of one of cryptocurrency’s most robust assets.
“We expect this to be a catalyst for people who don’t know crypto to get into crypto for the first time and for the Telegram mini app to really take off,” said Justin Hyun, Investment Director at TON Foundation. decryption. “Now that we have Tether, we are ready to go into battle and say, ‘Build on TON.’”
Currently, because the value of USDT is pegged to the U.S. dollar, users who are less experienced with the volatility of cryptocurrency assets like Toncoin can now complete on-chain transactions without worrying about whether their funds will change in value over weeks or months. I explained that there is. .
Telegram’s cryptocurrency wallet, launched in September after years of legal challenges, allows app users to manage their TON-based digital assets with custodial and self-management options while remaining in the messaging app.
In recent months, Toncoin’s value has more than tripled due to news of Telegram’s token integration and the success of Notcoin, a Telegram-based game that allows players to accumulate in-game currency. Notcoin is set to launch its hotly anticipated airdrop by the end of this month.
Edited by Stacy Elliott.
