Tether has further integrated with Telegram’s Web3 environment by launching its USDT and XAUT stablecoins on The Open Network (TON). This strategic move was announced during the Token2049 event in Dubai, highlighting Tether’s ongoing expansion across various blockchains and its commitment to fostering an open and decentralized financial landscape.
Strengthening Web3 and Financial Ties
At the Token2049 event, Tether CEO Paolo Ardoino and Telegram founder Pavel Durov outlined their vision for a borderless financial system and an open internet. Ardoino emphasized the benefits of the new launch, noting that USDT and XAUT on TON would enhance liquidity and activity, providing a financial experience comparable to traditional systems. This integration allows for seamless value transfers, which is pivotal as TON recently surpassed Dogecoin as the ninth-largest blockchain by market value.
Expanding Blockchain Coverage
With the addition of TON, Tether now operates on 15 different blockchains, including prominent ones like Ethereum and Tron. This expansion is not just a testament to Tether’s growth but also crucial for increasing the usability of the TON network. TON’s collaboration with Telegram supports a simplified, borderless peer-to-peer payment experience for over 900 million global Telegram users.
Future-Ready Financial Solutions
The TON ecosystem not only supports transfers between fiat and crypto but also plans to outdo traditional financial systems in terms of efficiency and accessibility. According to TON Foundation’s marketing head, Jack Booth, this development will enable built-in on-ramps for fiat and global off-ramps to bank cards and accounts, marking a significant step towards crypto-based global payments. This initiative reflects the first time such a broad audience will have access to crypto infrastructure for everyday transactions.
Moreover, Tether recently introduced a recovery tool in March 2024, allowing users to migrate USDT between different blockchains, underscoring its innovation in cryptocurrency utility and management. This tool followed shortly after Tether’s USDT stablecoin reached an all-time high market cap of $100 billion earlier in March.
As Tether continues to broaden its reach and enhance its offerings, the integration with TON blockchain stands as a significant milestone in leveraging blockchain technology to reshape the financial landscape.
