Tether USDT Stablecoin Expands to TON Blockchain, Enhancing Telegram’s Web3 Ecosystem

Tether Strengthens Partnership with Telegram by Launching USDT and XAUT on TON

Tether, the operator behind the world’s most prominent stablecoin, USDT, is deepening its integration with Telegram’s Web3 ecosystem by launching on The Open Network (TON). Announced during the Token2049 crypto event in Dubai, which featured keynote speeches from Tether CEO Paolo Ardoino and Telegram founder Pavel Durov, this strategic move includes the introduction of both the U.S. dollar-pegged Tether USDT and the gold-pegged Tether Gold (XAUT) stablecoins on the TON blockchain.

Launch Aligns with Vision for a Decentralized Financial System

The collaboration between Tether and the TON blockchain underscores a shared commitment to fostering an open, decentralized internet and a borderless financial system. “The launch of USDT and XAUT on TON will facilitate seamless value transfer, increasing activity and liquidity, while offering users a financial experience comparable to that of the traditional financial system,” stated Ardoino. This development is poised to enhance the functionality and reach of both Tether and the TON ecosystem.

Impact on TON’s Market Position and Telegram Integration

The introduction of USDT and XAUT on TON marks a significant milestone for Tether’s expansion across multiple blockchains, now totaling 15, including major platforms like Tron and Ethereum. For TON, this development is particularly notable following its recent ascent to become the ninth-largest blockchain by market value. The integration with Telegram’s platform, which boasts over 900 million global users, promises to simplify and enhance peer-to-peer payment experiences across its user base.

TON’s Unique Capabilities in the Crypto Space

Jack Booth, the marketing head of the TON Foundation, highlighted the unique aspects of the TON ecosystem, which supports transitions between fiat and crypto with remarkable efficiency. “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 can use crypto infrastructure for global payments,” Booth explained.

USDT’s Growing Presence and Future Prospects on TON

USDT’s launch on TON is not its first foray into Telegram’s ecosystem. Since at least 2023, USDT has been one of the default cryptocurrencies available on Wallet, a third-party custodial wallet used by Telegram users, along with other coins like Bitcoin and Toncoin (TON). Halil Mirakhmed, COO of Wallet in Telegram, confirmed that while TRC-20 USDT will continue to be available, TON-based USDT will offer another robust option for users.

This announcement follows closely on the heels of Tether’s introduction of a recovery tool in March 2024, which allows users to migrate USDT between different blockchains, reflecting Tether’s commitment to user convenience and security. Moreover, Tether’s USDT stablecoin recently surpassed a $100 billion market cap, underscoring its dominant position in the stablecoin market.