Telegram Mini-Apps to Boost Crypto Adoption, Tether Launches Coins on TON; Bitcoin Interest Remains High Amid Dip
Summary:
The TON Foundation expects new Telegram mini-apps to boost cryptocurrency utilization. Tether has launched its USDT and XAUT stablecoins on The Open Network (TON), facilitating a creator economy for TON and Telegram. Tether's expansion now spans 15 blockchains, including Tron and Ethereum. Parallel to these developments, $1.7 billion worth of Bitcoin was moved to long-term wallets in a day amid a value dip, indicating investors' sustained confidence in Bitcoin's long-term prospects.
An executive from the TON Foundation recently shared with Cointelegraph that forthcoming mini-apps on Telegram are set to dramatically foster cryptocurrency utilization. Tether declared the introduction of its USDT and XAUT stablecoins on The Open Network. Concurrently, a staggering $1.7 billion in Bitcoin was transferred to long-term wallets amidst a recent dip in value.
New Telegram apps are anticipated to catalyze the engagement of millions with Web3. Following the initiation of the USDT stablecoin by Tether on Telegram’s Web3 platform, Justin Hyun, an executive from the TON Foundation, conveyed to Cointelegraph that these Telegram mini-apps are poised to stimulate crypto adoption. The introduction of USDT on TON would essentially facilitate a burgeoning creator economy within TON and Telegram, he articulated. Accordingly, users won't have to surmount the hassle of acquiring varying types of cryptocurrencies or tokens.
“The most compelling use cases are the ones engaging in social viral mechanics. As such, games are being built every day powered via Telegram mini-apps,” Hyun elucidated.
Hyun stated that TON aims to return to its initial vision that was conceived some years ago, prior to its ICO plans being thwarted by regulatory resistance. The TON Foundation was inaugurated in 2021 by project developers.
Strengthening ties with Telegram’s Web3 ecosystem, Tether, the stablecoin operator, announced the launch of its coins, including Tether (USDT), on The Open Network (TON). This announcement coincided with the keynote speeches by Telegram founder Pavel Durov and Tether CEO Paolo Ardoino at Token2049, the crypto event in Dubai.
Ardoino conveyed that TON and Tether shared the common vision of an unregulated, open internet and an international financial system. The introduction of USDT and XAUT on TON would facilitate a fluid value transfer, increase activity and liquidity, and propose a financial experience paralleling traditional financial systems, he stated.
This development symbolizes another significant achievement in Tether's multi-blockchain expansion strategy, augmenting its presence to 15 blockchains, including Tron and Ethereum.
In other news, as Bitcoin’s value fell below $63,000 earlier this week, a record $1.7 billion worth of Bitcoin transferred to accumulation wallets in a single day.
Data suggests that when Bitcoin's value hovered around $63,000, there was significant buying interest, implying investors are confident in the long-term potential of Bitcoin.
Reporting by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
4/19/2024 11:12:05 PM
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