Tether, the stablecoin operator, is strengthening its partnership with Telegram’s Web3 ecosystem by launching its stablecoins, including Tether (USDT), on The Open Network (TON). The announcement was made by Tether Operations on April 19 during the Token2049 crypto event in Dubai, where Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote speeches. Alongside the launch on TON, Tether also announced restructuring and the introduction of four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.
Ardoino emphasized the shared vision of TON and Tether for an open and decentralized internet and a borderless financial system. He stated that the launch of USDT and Tether Gold (XAUT) on TON will enable seamless value transfer, increase activity and liquidity, and provide users with a financial experience comparable to traditional finance. This development marks another milestone for Tether, as it expands across multiple blockchains, including Tron and Ethereum, bringing its coverage to a total of 15 blockchains.
The launch of USDT on TON is significant for the TON network as well, as it recently surpassed Dogecoin to become the ninth-largest blockchain and cryptocurrency by market value. The integration of USDT and XAUT on TON has the potential to simplify peer-to-peer payments for Telegram’s vast user base, estimated to be over 900 million global users.
One unique aspect of USDT’s launch on TON is the TON ecosystem’s ability to facilitate transfers between fiat and crypto, with ambitions to surpass traditional finance in terms of efficiency and ease of use, according to Jack Booth, the marketing head of TON Foundation.
It is worth noting that this is not the first interaction between the TON and USDT ecosystems. Since 2023, USDT has been available on Wallet, a third-party custodial wallet for Telegram users, alongside other cryptocurrencies like Bitcoin and Toncoin. The Tron network currently serves as the default blockchain for USDT on Wallet, enabling TRC-20 USDT. With the launch on TON, TON-based USDT will become an additional option on Wallet, while TRC-20 USDT will remain available.
At the time of the announcement, the Tron blockchain accounted for the largest share of issued USDT, according to Tether’s transparency data.
This news follows Tether’s recent launch of a recovery tool in March 2024, which allows users to migrate USDT between different blockchains. Tether’s USDT stablecoin also reached an all-time high market cap of $100 billion on March 4.
In conclusion, Tether’s collaboration with Telegram’s Web3 ecosystem through the launch of its stablecoins on TON demonstrates their commitment to an open and decentralized financial system. This move expands Tether’s presence across multiple blockchains and presents new opportunities for seamless value transfer and peer-to-peer payments.