Tether strengthens its partnership with Telegram by launching USDT and XAUT on TON.
Tether, which operates USDT, the world’s most popular stablecoin, is deepening its integration with Telegram’s Web3 ecosystem with the launch of its open network (TON). Announced at the Token2049 cryptocurrency event in Dubai, where Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote addresses, the strategic move includes the introduction of the US dollar-pegged Tether USDT and gold-pegged Tether Gold (XAUT) stablecoins. Included. On the TON blockchain.
The launch is consistent with our vision for a decentralized financial system.
The collaboration between Tether and the TON blockchain highlights their shared commitment to fostering an open, decentralized Internet and borderless financial system. “TON’s launch of USDT and This development is poised to enhance the functionality and scope of the Tether and TON ecosystems.
our ceo @paoloardoino In ~ #token2049 Introducing “Tether. More than a stablecoin.”
For more information visit our new website 👉 https://t.co/V9aGWVwdbz pic.twitter.com/NgdBC6pDoP
— Tether (@Tether_to) April 18, 2024
TON’s market position and its impact on Telegram integration
TON’s introduction of USDT and For TON, this development is especially noteworthy after its recent rise to become the 9th largest blockchain by market cap. Integration with the Telegram platform, which boasts over 900 million users globally, allows us to simplify and enhance the peer-to-peer payment experience across our user base.
TON’s unique capabilities in the cryptocurrency space
Jack Booth, Head of Marketing at the TON Foundation, highlighted the unique aspects of the TON ecosystem that support conversions between fiat and cryptocurrency with incredible efficiency. “With a built-in onramp for fiat at launch and a global offramp for bank cards and accounts coming soon, this will be the first time the public will be able to use cryptocurrency infrastructure for global payments,” Booth said. Booth explained.
USDT’s Growing Presence and Future Prospects in TON
The launch of USDT on TON is not the first foray into the Telegram ecosystem. USDT has been one of the native cryptocurrencies available on Wallet, a third-party custodial wallet used by Telegram users, since at least 2023, along with other coins such as Bitcoin and Toncoin (TON). Halil Mirakhmed, COO of Telegram Wallet, confirmed that while TRC-20 USDT will continue to be available, TON-based USDT will provide users with another powerful option.
This announcement follows Tether’s introduction of a recovery tool in March 2024. This tool allows users to migrate USDT between different blockchains, reflecting Tether’s commitment to user convenience and security. Moreover, Tether’s USDT stablecoin recently surpassed $100 billion in market capitalization, solidifying its dominant position in the stablecoin market.