Tether, the stablecoin operator, is strengthening its partnership with Telegram’s Web3 ecosystem by launching its stablecoins, such as Tether (USDT), on The Open Network (TON). The announcement was made by Tether Operations on April 19 during the Token2049 crypto event in Dubai, where Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote speeches. Alongside the launch on TON, Tether also announced a restructuring and introduced four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.
Ardoino emphasized the shared vision of TON and Tether for an open and decentralized internet and a borderless financial system. He stated that the integration of USDT and XAUT on TON would enable seamless value transfer, increase activity and liquidity, and provide users with a financial experience comparable to traditional systems. This development marks another milestone in Tether’s expansion across various blockchains, including Tron and Ethereum, and is significant for the TON network, which recently overtook Dogecoin as the ninth-largest blockchain by market value.
The TON blockchain’s collaboration with Telegram presents an opportunity to offer a simple and borderless experience for peer-to-peer payments to Telegram’s massive user base of over 900 million global users. The launch of USDT on TON is unique because the TON ecosystem facilitates transfers between fiat and crypto, with ambitions to surpass traditional finance in terms of efficiency and user-friendliness, according to Jack Booth, the marketing head of TON Foundation.
This is not the first instance of Tether’s integration with the TON ecosystem. USDT has been available on Wallet, a third-party custodial wallet for Telegram users, since at least 2023. While the Tron network currently serves as the default blockchain for USDT on Wallet, allowing TRC-20 USDT, TON-based USDT will become an additional option, with TRC20 USDT remaining available.
At present, the Tron blockchain accounts for the largest share of issued USDT, according to Tether transparency data. The announcement of the launch on TON follows Tether’s recent introduction of a recovery tool in March 2024, enabling users to migrate USDT between different blockchains. On March 4, Tether’s USDT stablecoin reached an all-time high market cap of $100 billion.
In conclusion, Tether’s collaboration with Telegram’s Web3 ecosystem through the launch of its stablecoins on TON signifies a significant advancement in their mission for an open and decentralized financial system. The integration of USDT and XAUT on TON offers users a seamless and borderless financial experience, while also contributing to the expansion of Tether’s presence across multiple blockchains.