Tether Partners With Telegram To Bring Crypto Payments To 900 Million Users

Telegram users can now send and withdraw USDT for free.

Leading stablecoin issuer Tether has integrated with Telegram to offer USDT payments to one of the most popular messaging apps on the planet.

“I just saw this in my app.” I have written On April 19, Tether CEO Paolo Ardoino posted a photo of a Telegram announcing the availability of USDT on the app. He said, “Tether and Telegram are partnering. We have the entire ecosystem at our fingertips. Together, we are unstoppable.”

Users will be able to send USDT for free within Telegram and withdraw stablecoins for free from the app.

Screenshot of Telegram’s USDT integration

Paolo Ardoino, Telegram CEO Pavel Durov, and Andrew Rogozov, CEO of Top & Wallet, which is facilitating the integration of the two companies, made the announcement at the recent Token2049 conference in Dubai.

The combination of Tether’s dominance in the stablecoin market, which accounts for more than 70% of the sector’s $158 billion market capitalization, and Telegram’s 900 million users marks another step towards mainstream adoption of cryptocurrencies. This is a powerful opportunity to take a step forward.

For example, Durov announced on his Telegram channel that his app is the most downloaded Android wallet in China, according to Google Play. China, a country with capital controls and a staunchly anti-crypto government, could see an explosion in the use of cryptocurrencies thanks to consolidation.

incentive program

To facilitate the adoption, the TON Foundation (which severed its official link with Telegram after the SEC accused the company of violating US securities laws when it offered TON tokens to users) has pledged 11 million TON. , or approximately $66 million in incentives.

Incentives include: 5 million TON tokens as a reward for StonFi and Dedust’s USDT/TON liquidity pool. 5 million TON will be given to the user when he deposits her USDT into the in-app wallet. Also, withdrawals to his TON from exchanges such as OKX, Bybit, and Kucoin are free until the end of June.

After being in 11th place for several months, TON is now in the top 10 cryptocurrencies by market capitalization on Coingecko. The company’s market capitalization has increased 300% since January 1, from $8 billion to now $21 billion.

This increase mainly occurred in February after the company announced an ad-sharing scheme in which channel owners would receive 50% of the revenue Telegram earned by displaying ads on TON channels.

TON price chart
ton price

But the move is not entirely without risk, given both companies’ recent run-ins with authorities.

Tether is a target of US authorities It is said to make it possible Although the TON token is no longer officially associated with Telegram, the SEC prevents illegal activities through its platform. blocked Telegram’s planned $1.7 billion token sale.

However, stablecoin issuers are undaunted by the allegations. Ardoino recently unveiled a comprehensive tokenization platform built by Tether, with features including full asset ownership and interoperable infrastructure.

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