Tether debuts on The Open Network integrated with Telegram By Investing.com

Tether and its gold-backed version will run on the Open Network (TON), giving Telegram’s 900 million monthly users a new way to make peer-to-peer global payments.

Fintech company Ramp Network, a crypto infrastructure provider, supports the purchase and withdrawal of USDT in TON.

At launch, exchanges and built-in onramps will be available for users to easily get into cryptocurrencies with TON and Telegram, including bank transfers, card payments, and peer-to-peer transactions. An off-ramp will soon be introduced that will allow global entry and exit into the crypto market.

However, USDT is not new to the Telegram ecosystem. The world’s largest stablecoin has been around since at least 2023 as one of the default third-party custodial wallet options for Telegram users. With the latest update, TON-based USDT becomes an additional option, but his USDT on the Tron network (TRC-20) remains available.

This move integrates USDT directly into the popular messaging app and leverages Telegram’s extensive user base to expand the stablecoin’s accessibility.

USDT is pegged 1:1 with the United States and is backed by large reserves that set it apart from more volatile cryptocurrencies. Coins play an important role in various cryptocurrency transactions such as trading, everyday exchanges, and remittances. Its daily trading volume exceeds $85 billion, and its market capitalization is approximately $106 billion.

“We are excited to bring USDT to the Open Network as we support the company’s vision of an open, decentralized internet and borderless financial system,” said Paolo Ardoino, CEO of Tether. states.

“The launch of USDT on TON will enable seamless value transfers around the world with a simple experience that rivals even traditional financial systems. This will strengthen open financial infrastructure across the blockchain space. This further advances our mission,” Paolo added.

A TON-based wallet integrated into Telegram allows users to send money to their contacts around the world for free. This feature closely aligns with the original vision of creating a peer-to-peer electronic cash system that operates without the need for intermediaries.

Originally founded by Telegram, TON evolved into an independent organization after Telegram reduced its direct involvement due to regulatory challenges. The platform’s activity has skyrocketed, with monthly active addresses jumping from less than 100,000 to more than 1.7 million in just six months.

Despite these advances, the price fell 15% earlier today after the announcement, but still rose 7% in the past 24 hours, tripling in value this year and bringing the market cap to nearly $25 billion. .

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