Tether Expands Its USDT and XAUT Stablecoins to TON Network Targeting Telegram’s 900M Users

Tether, the company behind the $108 billion market capitalization USDTsaid it is extending the dollar-pegged stablecoin and its gold-backed XAUT sibling natively on The Open Network (TON), the blockchain adjacent to messaging app Telegram.

Tether transparency page Earlier today, it was shown that $10 million worth of USDT has been confirmed on the TON blockchain, with $3 million already issued.

With this move, Tether aims to power USDT and XAUT for “borderless peer-to-peer payments” among Telegram’s approximately 900 million users, according to a statement released during the Dubai 2049 conference. That’s what it means. This expansion will also benefit the rapidly growing TON ecosystem, allowing users to use stablecoins in decentralized finance (DeFi) application.

“The launch of USDT and XAUT on TON enables seamless value transfer, increasing activity and liquidity while providing users with a financial experience comparable to traditional financial systems,” said Paolo, CEO of Tether. Ardoino said in a statement. “This further advances our mission to strengthen open financial infrastructure across the blockchain space.”

The Open Network is a decentralized layer 1 network started by Telegram, but has operated independently since the company’s inception. abandoned Development due to regulatory concerns. The ecosystem has been growing rapidly recently due to incentives for onboarding Telegram users, and according to blockchain data, the number of monthly active addresses has increased to 1.7 million, up from less than 100,000 six months ago, according to blockchain data. It has increased more than that. Tonstat.Recently, telegram too switched The network’s native token, toncoin (ton), from euros as payment for advertising platforms.

TON tokens had risen earlier in the day, but fell by as much as 15% following the news. It’s still up 7% in the past 24 hours, has tripled in price this year, and has a market cap of nearly $25 billion.

Telegram’s cryptocurrency wallet supports a variety of blockchains for deposits and withdrawals, but “transaction fees have been significantly reduced to encourage TON adoption,” said Telegram’s Wallet Chief Operating Officer. CEO Halil Mirakhmed told CoinDesk. “Within the Ton Space ecosystem, only USDT is available on TON, streamlining the user experience for users investing in the TON ecosystem,” he added.

Following this announcement, Lamp Network, a fintech company that connects cryptocurrencies and traditional banking rails, announced on Friday that it will now be possible to purchase and withdraw USDT in TON. The company will initially allow on-ramp from fiat to USDT on TON on its website, integrate with third-party wallets that support TON-based assets, and later add off-ramp functionality.

“Cryptocurrency trading should be as simple as texting,” Ramp CEO Szymon Sypniewicz said in a statement. “We look forward to seeing how enabling access to instant and low-cost cryptocurrency transactions will improve the lives of hundreds of millions of users within the TON ecosystem.”

Updated (April 19, 11:23 UTC): In the second paragraph, add that publishing has begun and change the wording in the heading.

Updated (April 19, 11:40 UTC): Change the source of the press statement and adjust the headline to match the statement.

Updated (April 19, 14:18 UTC): We will update the TON price trend after the announcement.

Updated (April 19 145:00 UTC): Add Ramp Network’s announcement regarding the addition of USDT in TON support to the last two paragraphs.

Related Article

0 Comments

Leave a Comment