Tether USDT stablecoin goes live on TON blockchain

Tether and Telegram’s Web3 ecosystem are aligning further with the launch of USDT and XAUT stablecoins on the TON blockchain.

Tether, the stablecoin operator, is deepening its integration with Telegram’s Web3 ecosystem by introducing its stablecoins, including Tether USDT and Tether Gold (XAUT), on The Open Network (TON).

The announcement was made on April 19 during the Token2049 event in Dubai, where Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote speeches.

Alongside the stablecoin launch, Tether also revealed a restructuring plan, introducing 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, decentralized internet and a borderless financial system.

The addition of USDT and XAUT on TON is a significant step for Tether, expanding its presence to 15 blockchains, including Ethereum and Tron. This move also holds importance for the TON network, which recently surpassed Dogecoin as the ninth-largest blockchain and cryptocurrency by market value.

According to Ardoino, USDT and XAUT on TON will facilitate seamless value transfer, boosting activity and liquidity while providing users with a financial experience comparable to traditional systems.

The integration of USDT into the TON ecosystem enables transfers between fiat and crypto, aiming to surpass traditional finance in efficiency and user-friendliness. Jack Booth, TON Foundation’s marketing head, highlighted the TON blockchain’s capability to provide simple, borderless peer-to-peer payments, catering to Telegram’s estimated global user base of over 900 million.

While USDT has been available on Wallet, a third-party custodial wallet for Telegram users, since at least 2023, its integration with TON marks a significant milestone. Halil Mirakhmed, Wallet’s chief operating officer in Telegram, confirmed that TON-based USDT will be offered alongside TRC-20 USDT on Wallet.

The move comes on the heels of Tether’s recent launch of a recovery tool for migrating USDT between different blockchains in March 2024. With USDT stablecoin crossing the $100 billion market cap milestone earlier in March, its expansion onto the TON blockchain signifies another step forward in the cryptocurrency’s ecosystem growth.

Source: cointelegraph.com

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