2024-04-20
Tether and Telegram have recently announced their strengthened partnership in the Web3 space with the launch of USDT and XAUT on the TON blockchain.
This collaboration marks a significant development in the world of decentralized finance and highlights the shared vision of both Tether and Telegram for an open and decentralized internet.
During the Token2049 crypto event in Dubai, Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote speeches, unveiling the plans for the integration of Tether's stablecoins on the TON blockchain.
Tether will be launching its US dollar-pegged stablecoin, USDT, as well as its gold-pegged stablecoin, Tether Gold (XAUT), on TON.
This move is aimed at facilitating seamless value transfer and increasing liquidity within the TON ecosystem.
Ardoino emphasized the importance of an open and borderless financial system, which aligns with the core principles of both Tether and TON.
The launch of USDT and XAUT on TON will provide users with a financial experience comparable to traditional systems while harnessing the benefits of blockchain technology.
This partnership is not only significant for Tether's expansion across various blockchains but also for the TON network itself.
Toncoin (TON), the native token of TON, has recently surpassed Dogecoin (DOGE) to become the ninth-largest cryptocurrency by market cap.
The integration of USDT on TON will further enhance the network's capabilities and attract more users to the platform.
One of the unique advantages of the TON ecosystem is its seamless integration of fiat and cryptocurrencies.
The TON Foundation aims to surpass traditional finance in terms of efficiency and user-friendliness by providing easy on-ramps for fiat and upcoming global off-ramps to bank cards and accounts.
This accessibility will enable a mass audience to utilize crypto infrastructure for global payments.
It is worth noting that USDT has been available on Telegram's Wallet since 2023, alongside other cryptocurrencies like Bitcoin and Toncoin.
Currently, the default blockchain for USDT on Wallet is Tron, allowing TRC-20 USDT transactions.
However, with the launch of USDT on TON, users will soon have an additional option for their transactions on Wallet.
The launch of USDT on TON follows the introduction of a Recovery Tool by Tether in March 2024, which enables users to migrate USDT between different blockchains.
This tool has facilitated the seamless transfer of USDT, contributing to its record-high market cap of $100 billion on March 4.
