Tether, a prominent stablecoin operator, has recently announced its plan to integrate its U.S. dollar-pegged stablecoin, USDT, into Telegram’s Web3 platform, The Open Network (TON).
This integration, declared on April 19, also includes the launch of the gold-pegged Tether Gold (XAUT) stablecoin on TON.
These developments were unveiled alongside keynote speeches by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at the Token2049 crypto event in Dubai.
In his speech, Ardoino emphasized the aligned visions of TON and Tether regarding an open, decentralized internet and a borderless financial system.
He expressed that the introduction of USDT and XAUT on TON will facilitate seamless value transfers, thereby enhancing activity and liquidity in the ecosystem.
This move is intended to provide a financial experience comparable to traditional systems, stating, “The launch of USDT and XAUT on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system.”
Tether’s expansion continues to be significant, with the stablecoin now being supported on 15 different blockchain platforms, including popular ones like Tron and Ethereum.
This expansion is pivotal for TON as well, especially since its native token, Toncoin, recently surpassed Dogecoin to become the ninth-largest cryptocurrency by market cap.
The integration with TON is particularly strategic due to its direct connection with Telegram, which boasts over 900 million users globally.
The TON blockchain’s compatibility with Telegram is set to enhance the usability of USDT and XAUT, providing a straightforward, borderless payment experience for Telegram users.
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The announcement highlighted the potential of this integration: “The TON blockchain works with Telegram, meaning USDT and XAUT on TON have the potential to provide a simple, borderless experience for peer-to-peer payments for Telegram’s user base.”
Jack Booth, the marketing head of TON Foundation, shared insights with Cointelegraph about the unique capabilities of the TON ecosystem, which not only supports transfers between fiat and crypto but also aims to surpass the efficiency and convenience of traditional financial systems.
Booth revealed plans for accessible fiat on-ramps at launch and forthcoming global off-ramps to bank cards and accounts, emphasizing the groundbreaking potential for mass adoption of crypto infrastructure for global payments.
This initiative marks yet another intersection between Tether and Telegram, with USDT already being a default option in Wallet, a third-party custodial wallet for Telegram users.
Halil Mirakhmed, chief operating officer of Wallet, noted that while TON-based USDT will be introduced as an additional option, the Tron network will continue to be the primary blockchain for TRC-20 USDT transactions, which currently represents the largest issuance volume of USDT.
The news of this launch comes shortly after Tether introduced a recovery tool in March 2024, facilitating the migration of USDT across various blockchains.
As of early March, USDT achieved a record-high market cap of $100 billion.
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