May 25, 2024
Latest Cryptocurrency News

Tether USDT Goes Live on TON Blockchain

Tether, the stablecoin operator, is deepening its integration with Telegram’s Web3 ecosystem by introducing its stablecoins, including Tether USDT, on The Open Network (TON). The announcement, made on April 19, coincided with Tether CEO Paolo Ardoino and Telegram founder Pavel Durov’s keynote speeches at the Token2049 event in Dubai.

Telegram CEO and founder Pavel Durov at Token2049 in Dubai. Source: Cointelegraph

As part of this launch, Tether is rolling out its U.S. dollar-pegged stablecoin, Tether USDT, and the gold-pegged stablecoin, Tether Gold (XAUT), on the TON blockchain. This move signifies Tether’s commitment to expanding its presence across various blockchain platforms, with TON becoming the fifteenth blockchain to support Tether stablecoins, joining the likes of Tron and Ethereum.

Integration and Milestones: Tether on TON

Arduino emphasized the shared vision between TON and Tether for an open and decentralized internet, along with a global financial system without borders. The integration of USDT and XAUT on TON is anticipated to facilitate seamless value transfer, enhance liquidity, and provide users with a financial ecosystem comparable to traditional finance.

Additionally, Tether’s expansion onto the TON blockchain marks a significant milestone for both parties. TON recently surpassed Dogecoin to become the ninth-largest blockchain and cryptocurrency by market value on April 16. With TON’s association with Telegram, which boasts over 900 million global users, the potential for simplified peer-to-peer payments using USDT and XAUT is substantial.

Intersecting Ecosystems: USDT and TON

Jack Booth, the marketing head of the TON Foundation, highlighted TON’s unique capabilities in enabling transfers between fiat and cryptocurrencies. He said:

“With built-in on-ramps for fiat at the launch and global off-ramps to bank cards and accounts coming soon. This will be the first time a mass audience will be able to use crypto infrastructure for global payments.”

He underscored TON’s ambition to rival traditional finance in terms of efficiency and user experience. Moreover, Booth noted that USDT’s integration into the TON blockchain builds upon existing intersections between the two ecosystems. Since at least 2023, USDT has been available on Wallet, a third-party custodial wallet accessible to Telegram users, alongside cryptocurrencies like Bitcoin and Toncoin (TON).

Halil Mirakhmed, the chief operating officer of Wallet in Telegram, outlined the integration of USDT on the Tron blockchain, which currently hosts the largest share of issued USDT. Mirakhmed clarified that TON-based USDT would complement TRC20 USDT on Wallet, providing users with additional options for transacting stablecoins.

Screenshot from Wallet on Telegram messenger.

Conclusion: Tether’s Continued Expansion and Innovations

The introduction of USDT and XAUT on the TON blockchain reflects Tether’s commitment to broadening its reach and enhancing accessibility to stablecoin transactions. This initiative aligns with Tether’s recent milestones, including the launch of a recovery tool for blockchain migrations and surpassing a $100 billion market cap for USDT. As Tether continues to innovate and expand its ecosystem, the collaboration with TON underscores the growing importance of stablecoins in facilitating efficient and borderless transactions within the cryptocurrency landscape.

Image by Flickr

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