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Tether, a leading operator in the cryptocurrency space, announced the launch of its U.S. dollar-pegged stablecoin, USDT, on The Open Network (TON), Telegram’s Web3 ecosystem.
The announcement was made during the Token2049 crypto event in Dubai on Apr. 19, 2024, where Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote speeches.
This strategic move is paired with the introduction of Tether Gold (XAUT), a stablecoin pegged to gold, which will also be launched on the TON platform. Both stablecoins aim to enhance the financial experience for users by enabling seamless value transfer across the network.
Tether Has a Vision for a Decentralized Future
During the event, Ardoino emphasized the shared vision between TON and Tether of fostering an open, decentralized internet and a borderless financial system. “The launch of USDT and XAUT on TON will allow for increased activity and liquidity, offering users a financial experience comparable to the traditional financial system,” Ardoino stated.
The launch on TON marks another milestone in Tether’s expansion. It also brings its coverage to 15 different blockchains, including major players like Tron and Ethereum. In conjunction with the launch, Tether announced a significant restructuring. In this restructuring, it has introduced four new business divisions aimed at diversifying its offerings and enhancing user engagement.
These divisions represent Tether’s commitment to not only expanding its footprint in the blockchain world but also to innovating and improving the usability of cryptocurrencies.
The integration of Tether’s stablecoins is also a crucial development for the TON network, whose native token, Toncoin, recently surpassed Dogecoin as the ninth-largest cryptocurrency by market cap. This partnership is expected to boost TON’s visibility and utility. It will also leverage Telegram’s vast user base of over 900 million people globally. The TON blockchain’s unique features support seamless transfers between fiat and crypto and are designed to surpass traditional financial systems in efficiency and ease of use.
Tether Tokens USD₮ and XAU₮ are now live on the Ton blockchain & available in the @telegram wallet. pic.twitter.com/9KdoKT19Jc — Tether (@Tether_to) April 19, 2024
Jack Booth, TON Foundation’s marketing head, highlighted the ecosystem’s potential during a recent discussion. “With built-in on-ramps for fiat at launch and global off-ramps to bank cards and accounts coming soon, this will be the first time a mass audience can utilize crypto infrastructure for global payments seamlessly,” Booth explained.
USDT and TON Have a History
USDT’s launch on TON isn’t the first instance of integration between the two ecosystems. USDT has been one of the default cryptocurrencies on Wallet, a third-party custodial wallet used by Telegram users, alongside Bitcoin and Toncoin, since at least 2023. With the introduction of TON-based USDT, users will have additional options for managing their digital assets.
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