Tether Debuts USDT and Tether Gold Stablecoins on Telegram's TON Blockchain
Summary:
Tether Operations is launching its dollar-pegged USDT stablecoin and gold-pegged Tether Gold stablecoin on Telegram's The Open Network (TON). The announcement was made during a crypto event in Dubai with keynote speeches by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov. Tether also introduced new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. The integration aims to enable seamless value transfer and provide a financial experience that rivals traditional finance systems. This move marks Tether's expansion to 15 blockchains, with the TON network recently surpassing Dogecoin in market value.
The company behind the Tether stablecoin, Tether Operations, is deepening its association with the Web3 ecosystem of Telegram and is set to inaugurate its stablecoins, including Tether (USDT), on The Open Network (TON). The announcement emerged on April 19 that Tether's US dollar-linked stablecoin, USDT, along with its gold-bound stablecoin, Tether Gold (XAUT), would be introduced on the TON blockchain. Both Tether CEO Paolo Ardoino and Telegram's founder, Pavel Durov, delivered keynote addresses at Token2049, a cryptocurrency convention in Dubai, where the news was revealed. The event also served as a platform to announce Tether's organizational realignment and unveiling of four new divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.
Ardoino mentioned that both Tether and TON share the same vision of an open, decentralized Internet and a global finance system without borders. He emphasized that the integration of USDT and XAUT into the TON ecosystem will enable smooth value transfer, bolster activity and liquidity, and offer a financial experience that can compete with traditional finance systems. The recent USDT-TON milestone signifies another significant forward step for Tether as it continues to extend its reach across multiple blockchains, now totaling 15, including the likes of Tron and Ethereum. This achievement is also critically important for the TON network, which surpassed Dogecoin (DOGE) as the ninth-largest blockchain and cryptocurrency by market capitalization on April 16.
“One compelling aspect of launching USDT on TON is how the TON ecosystem enables transitions between fiat and crypto, with an ambitious goal to outperform traditional finance in terms of efficiency and user friendliness,” explained Jack Booth, Marketing Head at the TON Foundation. Booth continued by saying, ”Upon launch, we'll have built-in access points for fiat, with global exits to bank cards and bank accounts arriving shortly. This will be a first for a global audience using crypto infrastructure for international payments."
The integration of USDT onto the TON blockchain is not a first-time affair between the two ecosystems. Since 2023, USDT has been a standard option available on Wallet, a third-party custodial wallet for Telegram users, alongside other coins such as Bitcoin (BTC) and Toncoin (TON). Presently, Wallet users can use the Tron network for USDT, enabling TRC-20 issuance. Wallet's COO, Halil Mirakhmed, stated that USDT tethered to the TON network will be another option on Wallet, with TRC20 USDT remaining an option. As of Tether's announcement, the Tron blockchain held the majority share of USDT issuance, as per Tether transparency data.
This development follows Tether’s introduction of a recovery feature in March 2024, allowing users to transfer USDT between different blockchains. Earlier, in March, Tether's USDT stablecoin reached a record-breaking market cap of $100 billion. Additional reporting was provided by Felix Ng. This story was part of a larger report on the Ethena stablecoin model.
Published At
4/19/2024 2:18:47 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.