Telegram is integrating mini-apps and Tether stablecoins into its messaging app, allowing its 900 million users to seamlessly engage in peer-to-peer interactions. This move will introduce many users to cryptocurrency for the first time, without them even realizing it.
Developers will also benefit from this integration, as they will be able to launch ecommerce, paywalled content, games, and other business activities on top of The Open Network’s (TON’s) layer-1 blockchain more smoothly, thanks to the stablecoin. Justin Hyun, the TON Foundation director of investments, explained this during an interview with Cointelegraph’s Ezra Reguerra at the Token2049 conference in Dubai. Telegram is also continuing the rollout of its TON-based wallet.
According to Hyun, the launch of Tether on TON will “unlock the creator economy that is already happening in TON and Telegram.” Users will no longer have to go through the hassle of acquiring a different type of cryptocurrency or token to access these products. This will eliminate the need to download external apps, providing clear advantages. Hyun used the example of the Catizen game, which gained 2 million users in two months after switching to TON from a different blockchain, compared to only 600,000 users in the previous year and a half.
Hyun also highlighted the regionalization of other social media platforms, such as WeChat in China, Line in Japan, and KakaoTalk in South Korea. He explained that TON’s global reach and native integration of USDT eliminate the need for local payment gateways. Additionally, Tether allows Telegram to bypass the payment restrictions imposed by Google and Apple.
This integration with Tether brings TON back to its original vision, which was hindered by the inability to hold an initial coin offering in 2020 due to the opposition of the United States Securities and Exchange Commission. Hyun stated that the TON Foundation, created in 2021 by open-source developers who took over the project, is now realizing this vision.
In conclusion, Telegram’s integration of mini-apps and Tether stablecoins will revolutionize the platform, allowing users to engage in peer-to-peer interactions seamlessly and introducing them to the world of cryptocurrency. Developers will also benefit from this integration, as it will enable them to launch various business activities more smoothly. This move aligns with TON’s original vision, which was impeded in 2020 but is now being fulfilled by the TON Foundation.