Tether Integrates USDT Stablecoin with TON Blockchain, Expanding Its Web3 Presence

On Apr 19, 2024

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In a significant development for the Web3 space, Tether has teamed up with Telegram to introduce its USDT stablecoin and Tether Gold (XAUT) on The Open Network (TON). This move, announced on April 19, enhances the synergy between Tether’s financial technologies and Telegram’s expansive Web3 ecosystem.

During the Token2049 crypto event in Dubai, Tether CEO Paolo Ardoino, along with Telegram founder Pavel Durov, delivered keynote speeches that underscored the collaboration. In conjunction with this announcement, Tether also revealed a strategic restructuring, which includes the formation of four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.

Tether Advances in Blockchain Integration with USDT Launch on TON

Ardoino expressed that both TON and Tether are aligned in their vision to foster an open, decentralized internet and a seamless financial system without borders. “Integrating USDT and XAUT into TON enhances liquidity and activity on the network, providing a financial experience akin to traditional systems but with greater efficiency,” he commented.

This integration marks a pivotal extension of Tether’s presence across various blockchains, now totaling 15, including well-known platforms like Tron and Ethereum. The addition of Tether’s offerings to TON, whose native token Toncoin recently surpassed Dogecoin as the ninth-largest cryptocurrency by market cap, signifies a crucial development for the network.

The partnership is particularly promising for Telegram’s user base, which is estimated at over 900 million globally. With TON’s infrastructure, USDT and XAUT on TON are poised to streamline peer-to-peer payments, combining fiat and crypto transactions with ease. Jack Booth, TON Foundation’s marketing head, highlighted the unique aspects of the TON ecosystem, noting, “TON provides built-in fiat on-ramps at launch, with plans to introduce global off-ramps to bank cards and accounts soon, making it a premier platform for global crypto payments.”

Tether Tokens USD₮ and XAU₮ are now live on the Ton blockchain & available in the @telegram wallet. pic.twitter.com/9KdoKT19Jc
— Tether (@Tether_to) April 19, 2024

Previously, USDT has been accessible to Telegram users via Wallet, a third-party custodial wallet that supports various cryptocurrencies, including Bitcoin. As of now, the Tron network serves as the default blockchain for USDT on Wallet, offering TRC-20 USDT. However, with the new integration, TON-based USDT will also become available, providing users with additional flexibility while TRC-20 USDT continues to be supported.

As Tether continues to expand, the Tron blockchain remains a significant contributor to USDT’s issuance volume. This integration with TON follows closely on the heels of Tether’s launch of a blockchain migration tool in March 2024, which facilitates the transfer of USDT across different platforms. This tool was introduced just as USDT’s market cap hit an all-time high of $100 billion on March 4.

Through these strategic expansions and technological integrations, Tether not only broadens its footprint in the blockchain landscape but also enhances the utility and accessibility of its stablecoins for a global audience.

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