USDT Makes Its Way to TON Blockchain and Telegram Wallet
In the vibrant city of Dubai, during the Token 2049 event, a significant collaboration was unveiled between the leading stablecoin issuer Tether and the privacy-centric messaging platform Telegram. The two CEOs made a joint announcement that Tether’s USDT is set to launch on The Open Network (TON) and within the Telegram wallet. This move aims to bolster Telegram’s burgeoning cryptocurrency ecosystem and provide a boost to TON’s blockchain.
Tether’s CEO, Paolo Ardoino, expressed his enthusiasm for the collaboration, stating, “The launch of USDT on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system.” He highlighted that this strategic step aligns with Tether’s mission to empower open financial infrastructures across the blockchain landscape.
With over 900 million monthly active users, Telegram has recently shown a keen interest in blockchain technology. The integration of TON, initially developed by Telegram and presently managed independently, has already begun with the incorporation of Toncoin into Telegram’s advertising and revenue-sharing initiatives.
The expansion of the TON network is expected to accelerate with the support of USDT, known for its stability in the volatile world of cryptocurrency. According to Justin Hyun, the TON Foundation’s Director of Investments, “We really anticipate this being a catalyst for non-crypto people to come into crypto for the first time.” He conveyed confidence in TON’s potential to attract developers and users, especially with Tether’s backing.
For those apprehensive about the fluctuating nature of cryptocurrencies, USDT offers a shield, being pegged to the U.S. dollar. This feature is expected to encourage transactions on the TON blockchain without the concern of value shifts over time.
Telegram’s cryptocurrency wallet, which debuted last September after overcoming several legal challenges, provides users with the convenience of managing TON-based digital assets directly within the messaging app. The wallet delivers both custodial and self-custodial options, enhancing its appeal to a broader audience.
The value of Toncoin has soared, tripling in recent times, spurred by Telegram’s integration efforts and the success of Notcoin, an in-game currency for a popular Telegram-based game. As Notcoin gears up for its much-anticipated airdrop, the excitement within the community is palpable.
The synergy between Tether’s stablecoin and Telegram’s global messaging service marks a significant milestone in the pursuit of a more accessible and interconnected blockchain ecosystem. As these technologies continue to intertwine, the horizon is bright for users and innovators alike in the ever-evolving digital landscape.
Edited by Stacy Elliott.
