Tether integrates USDT Stablecoin with TON Blockchain, expanding its Web3 presence

In a major development for the Web3 space, Tether has teamed up with Telegram to introduce its USDT stablecoin and Tether Gold (XAUT) on The Open Network (TON). The move, announced on April 19, enhances the synergy between Tether’s financial technologies and Telegram’s extensive Web3 ecosystem.

During the crypto event Token2049 in Dubai, Tether CEO Paolo Ardoino was together with Telegram founder Pavel Durov, gave keynote speeches that underlined the collaboration. In conjunction with this announcement, Tether also unveiled a strategic restructuring, including the formation of four new business departments: Tether Data, Tether Finance, Tether Power and Tether Edu.

Tether Advances in Blockchain Integration with USDT Launch on TON

Ardoino said that both TON and Tether are aligned in their vision to promote an open, decentralized internet and a seamless financial system without borders. “Integrating USDT and XAUT into TON improves liquidity and activity on the network, providing a financial experience similar to traditional systems, but with greater efficiency,” he said.

This integration marks a crucial expansion of Tether’s presence on several blockchains, now a total of 15, including well-known platforms such as Tron and Ethereum. The addition of Tether’s offering to TON, whose token Toncoin recently surpassed Dogecoin as the ninth largest cryptocurrency by market capitalization, marks a crucial development for the network.

The partnership is particularly promising for Telegram’s user base, which is estimated at more than 900 million worldwide. With TON’s infrastructure, USDT and XAUT on TON are ready to streamline peer-to-peer payments, combining fiat and crypto transactions with ease. Jack Booth, head of marketing at the TON Foundation, highlighted the unique aspects of the TON ecosystem, noting: “TON will offer built-in fiat on-ramps at launch, with plans to soon introduce global off-ramps for bank cards and accounts, making it a first platform for global crypto payments.”

Tether Tokens USD₮ and XAU₮ are now live on the Ton blockchain and available in the @telegram wallet. pic.twitter.com/9KdoKT19Jc

— Tether (@Tether_to) April 19, 2024

Previously, USDT was accessible to Telegram users through Wallet, a third-party custodial wallet that supports several cryptocurrencies, including Bitcoin. As of now, the Tron Network acts as the default blockchain for USDT on Wallet and offers TRC-20 USDT. However, with the new integration, TON-based USDT will also become available, giving users additional flexibility while continuing to support TRC-20 USDT.

If Tether continues to expand, the Tron blockchain continues to be a significant contributor to USDT issuance volume. This integration with TON closely follows Tether’s launch of a blockchain migration tool in March 2024, which facilitates the transfer of USDT between different platforms. This instrument was introduced just as USDT’s market capitalization hit an all-time high of $100 billion on March 4.

Through these strategic expansions and technology integrations, Tether is not only expanding its footprint in the blockchain landscape, but also improving the usefulness and accessibility of its stablecoins to a global audience.

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5th Scape stands out as the world’s first AR and VR ecosystem, designed to unite innovative minds. This platform is poised to enrich the VR domain with its diverse offering including games, films and educational content, all enhanced by immersive virtual reality.

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