Tether's USDT Expands to TON, Deepening Integration with Telegram

Tether's USDT stablecoin has recently been integrated with The Open Network (TON), expanding its presence to 15 blockchain platforms. TON's native token, Toncoin, has surpassed Dogecoin in market cap, highlighting the network's growing significance. Tether's move is part of its strategy to enhance accessibility and utility across various blockchains. Additionally, the integration with TON facilitates seamless value transfer and liquidity for Telegram's vast user base, estimated at over 900 million.

Tether's USDT Stablecoin Expands to TON Blockchain, Deepens Telegram Integration

Dubai, United Arab Emirates, April 16, 2024 - Tether, the issuer of the widely-used stablecoin USDT, has announced the expansion of its reach onto The Open Network (TON), issuing $60 million of USDT on the platform. This move is part of Tether's ongoing strategy to integrate with platforms supporting decentralized applications.

During their keynote speeches at the Token2049 crypto event in Dubai, Tether CEO Paolo Ardoino and Telegram founder Pavel Durov announced the launch of USDT on TON. In the same setting, Tether also revealed plans for a significant restructuring, introducing four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.

The integration of USDT on TON goes beyond its recent launch. Since at least 2023, USDT has been a standard cryptocurrency offered on Wallet, a third-party platform accessible to Telegram users. Wallet currently supports several cryptocurrencies, including Bitcoin and Toncoin.

Telegram's announcement of the TON blockchain integration enables:

• Ad revenue sharing
• Tipping to creators
• Merchant purchases
• NFT purchases for usernames
• Tokenization of emojis

Within Wallet, the Tron network currently serves as the default blockchain for USDT transactions, utilizing the TRC-20 token standard. This setup is part of Tether's attempt to use multiple blockchains to enhance accessibility and functionality for its users.

Telegram and Other Messaging Platforms Explore Crypto Payments

Tether's move to bring USDT to TON highlights a growing trend among messaging platforms to integrate crypto payments into their services.

In 2018, Meta announced that its Novi digital wallet would integrate with WhatsApp, allowing users to send and receive payments using stablecoins. Although some US WhatsApp users were able to use the service in 2021, Novi closed the following year.

In December 2023, Coinbase made significant updates to its decentralized Wallet service to make it more user-friendly and accessible. These included the ability to send funds through messages on platforms such as Telegram and WhatsApp.

Other traditional messaging giants like LINE and Kakao are mostly still exploring financial services, which may include crypto exchanges rather than direct crypto payments within chats.

Emerging platforms like TokLok are also making strides in integrating cryptocurrency payments directly within their services, indicating a growing trend among newer, more decentralized platforms to incorporate crypto payments as a core feature.

Tether Reaffirms Tron's Dominance as USDT Market Cap Reaches $100 Billion

At the time of the announcement, the Tron blockchain held the largest share of issued USDT. Additionally, Tether launched a recovery tool in March 2024, allowing users to move USDT between different blockchains. This tool's introduction came as USDT's market cap reached an all-time high of $100 billion on March 4.

About Tether

Tether is the world's leading stablecoin provider, with a mission to make digital currencies accessible to everyone. Tether's USDT is the most widely used stablecoin, with a market cap of over $100 billion. Tether's mission is to provide a safe, transparent, and reliable way to use digital currencies in everyday life.

About TON

TON is a fast, scalable, and secure blockchain platform designed to support decentralized applications and services. TON's native token, Toncoin, is the ninth-largest cryptocurrency by market capitalization. TON's goal is to create a user-friendly and accessible blockchain platform that can power the next generation of decentralized applications.

Media Contact

Tether
press@tether.to

TON
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