Tether’s USDT stablecoin makes its debut on the TON blockchain platform.

Tether, a stablecoin operator, is deepening its relationship with Telegram’s Web3 ecosystem by introducing its US dollar-pegged stablecoin, USDT, on The Open Network (TON). The announcement was made on April 19 during keynote speeches by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at the Token2049 crypto event in Dubai. Tether also revealed its plans to launch the gold-pegged stablecoin, Tether Gold (XAUT), on TON. In addition, Tether announced the restructuring of its business divisions, introducing Tether Data, Tether Finance, Tether Power, and Tether Edu. The integration of USDT and XAUT on TON aims to facilitate seamless value transfer and enhance liquidity, while providing users with a financial experience comparable to traditional systems. This move expands Tether’s presence across multiple blockchains, including Tron and Ethereum, and strengthens the TON network, whose native token Toncoin recently surpassed Dogecoin to become the ninth-largest cryptocurrency by market cap. The launch of USDT on TON is significant as it enables transfers between fiat and crypto and aims to outperform traditional finance in terms of efficiency and user-friendliness. USDT has been available on Wallet, a third-party custodial wallet for Telegram users, since 2023, and the TON-based USDT will now join the existing TRC-20 USDT on the Tron network. Tether’s expansion onto TON comes shortly after the introduction of a recovery tool in March 2024, allowing users to migrate USDT between different blockchains.