Tether, the operator behind the popular USDT stablecoin, is taking another significant step forward in its expansion journey by launching on Telegram’s TON blockchain. The move not only strengthens the ties between Tether and Telegram’s Web3 ecosystem but also opens up new possibilities for seamless value transfer and financial inclusion.
The announcement, made during a joint keynote speech at the Token2049 event in Dubai, revealed Tether’s plans to introduce both USDT and the gold-pegged Tether Gold (XAUT) stablecoin on the TON blockchain. This development underscores Tether’s commitment to expanding its presence across multiple blockchains, with coverage now spanning 15 chains, including Tron and Ethereum.
Paolo Ardoino, CEO of Tether, highlighted the shared vision between TON and Tether for an open, decentralized internet and a borderless financial system. He emphasized that the launch of USDT and XAUT on TON would enable seamless value transfer, increase liquidity, and offer users a financial experience comparable to traditional systems.
The integration of USDT into the TON ecosystem holds significant potential, particularly for Telegram’s massive user base, estimated at over 900 million globally. With the TON blockchain facilitating transfers between fiat and crypto seamlessly, users can experience a simple, borderless payment solution with ambitions to rival traditional finance in efficiency and ease of use.
Jack Booth, head of marketing at TON Foundation, highlighted the unique features of TON that differentiate it from other blockchains. He emphasized the built-in on-ramps for fiat and forthcoming global off-ramps to bank cards and accounts, enabling mass adoption of crypto infrastructure for global payments.
This move builds upon the existing relationship between Tether and Telegram, with USDT being one of the default cryptocurrencies available on Wallet, a third-party custodial wallet for Telegram users, since at least 2023. While TRC-20 USDT on the Tron network remains a default option on Wallet, TON-based USDT will provide users with additional flexibility and choice.
The expansion of Tether’s stablecoin to the TON blockchain comes on the heels of its recent milestone achievements, including the launch of a recovery tool in March 2024 and surpassing a $100 billion market cap for USDT on March 4. These developments underscore Tether’s ongoing commitment to driving innovation and accessibility in the cryptocurrency space.
As Tether continues to forge partnerships and expand its reach across diverse blockchain ecosystems, the integration with Telegram’s TON blockchain represents a significant step towards realizing a more interconnected and inclusive digital economy. With the potential to revolutionize peer-to-peer payments and financial accessibility, Tether’s presence on TON opens up new avenues for global financial inclusion and innovation.
