Tether launches its stablecoins USDT and XAUT on the TON blockchain, reinforcing its partnership with Telegram’s Web3 ecosystem.
The announcement coincided with Tether’s restructuring and introduction of new business divisions, highlighting a major strategic expansion.
The launch on TON promises to simplify peer-to-peer payments for Telegram users, envisioning efficient transfers between fiat and crypto.
Tether strengthens its ties with Telegram’s Web3 ecosystem by launching its stablecoins, including USDT, on The Open Network (TON).
On April 19, Tether Operations announced the launch of its US dollar-backed stablecoin, Tether USDT, as well as the gold-backed stablecoin, Tether Gold (XAUT), on the TON blockchain.
Tether announces its arrival on TON at Token2049 in Dubai
This announcement was made during the keynote speeches by Paolo Ardoino, CEO of Tether, and Pavel Durov, founder of Telegram, at the crypto event Token2049 in Dubai. Tether also took this opportunity to announce a restructuring and introduce four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.
According to Ardoino, TON and Tether share the vision of an open and decentralized internet and a borderless financial system.
The launch of USDT and XAUT on TON will enable transparent value transfer, increasing activity and liquidity while providing users with a financial experience comparable to that of the traditional financial system.
Paolo Ardoino
Expansion of Tether on multiple blockchains
The USDT-TON development represents another significant step in Tether’s expansion across multiple blockchains, bringing its coverage to 15 blockchains, including Tron and Ethereum.
The TON blockchain operates with Telegram, which means that USDT and XAUT on TON have the potential to provide a seamless and borderless payment experience for Telegram’s user base, which Telegram estimates to be over 900 million global users.
Unique advantages of the TON ecosystem
Jack Booth, Marketing Lead of the TON Foundation, stated: “With built-in fiat onramps from launch and global off-ramps to bank cards and accounts coming soon. This will be the first time a wide audience can use crypto infrastructure for global payments.”
Continued integration of USDT in Telegram
USDT on the TON blockchain is not the first instance of intersection between the two ecosystems. Since at least 2023, USDT has been one of the default cryptocurrencies available on Wallet, a third-party custody wallet accessible to Telegram users, alongside other cryptos like Bitcoin and Toncoin (TON).
At the time of writing this article, the Tron network is the default blockchain available for USDT on Wallet. According to Halil Mirakhmed, COO of Wallet at Telegram, TON-based USDT will become another option on Wallet, while USDT TRC20 will remain available.
