Tether USDT stablecoin goes live on TON blockchain

The Tether stablecoin operator is strengthening its relationship with Telegram’s Web3 ecosystem by launching a Tether-like stablecoin (USDT) on open networks (TON).

Tether Operations announced on April 19 that it will launch the USD-pegged Tether USDT stablecoin and the gold-pegged Tether Gold (XAUT) stablecoin on the TON blockchain.

The announcement was made in conjunction with this Tether CEO Paolo Ardoino and Telegram founder Pavel DurovKeynote speech at the cryptocurrency event Token2049 held in Dubai.

At the same event, Tether also announced a reorganization and the introduction of four new business units: Tether Data, Tether Finance, Tether Power, and Tether Edu.

Tether CEO Paolo Ardoino attended Token2049 in Dubai. sauce: tether

Ardoino said TON and Tether share the vision of an open, decentralized internet and borderless financial system.

“The launch of USDT and XAUT on TON will enable seamless value transfer, increase activity and liquidity, and at the same time provide users with a financial experience comparable to the traditional financial system,” Tether said. said the CEO.

The development of the new USDT-TON marks another milestone in Tether’s expansion across multiple blockchains, bringing its reach to 15 blockchains, including: Tron and Ethereum.

This milestone is also essential for the TON network. overtook Dogecoin (doge) became the 9th largest blockchain and cryptocurrency by market value as of April 16th.

“The TON blockchain will work with Telegram. This means that USDT and XAUT on TON will bring a simple, borderless, peer-to-peer payment experience to Telegram’s user base, which is estimated to have over 900 million global users. “We have the potential to deliver on this,” the announcement reads.

Related: Cryptographic communication devices can defeat government surveillance — Telegram founder Durov

What is unique about USDT’s launch in TON is that the TON ecosystem enables transfers between fiat and cryptocurrencies, with the ambition to surpass traditional finance in efficiency and ease of use. , Jack Booth, head of marketing at TON Foundation, told Cointelegraph. He said:

“On-ramps for fiat currencies will be included at launch, with global off-ramps for bank cards and accounts coming soon. Enabling a large audience to leverage crypto infrastructure for global payments.” This is the first time it has happened.”

USDT’s launch on the TON blockchain is not the first example of the two ecosystems intersecting.USDT has been one of the defaults since at least 2023 Cryptocurrency that can be used in wallets, Telegram users can use Bitcoin (BTC) and Toncoin (TON).

As of this writing, the Tron network is the default blockchain available for USDT in wallets, enabling TRC-20 USDT. According to Halil Mirakhmed, Chief Operating Officer of Wallet at Telegram, TON-based USDT will be another option for Wallet, while TRC20 USDT will remain.

The Tron blockchain accounts for the largest share of USDT issued at the time of the announcement. according to To data from tether transparency.

Screenshot from Telegram messenger wallet.Source: Cointelegraph

This news comes weeks after Tether announced a recovery tool that allows users to: Migrate USDT between different blockchains Previously, Tether’s USDT stablecoin was launched in March 2024. Market capitalization is at an all-time high of $100 billion March 4th.

Additional reporting by Felix Ng.

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