USDT Stablecoin Launches on TON Blockchain
19 Apr, 2024 ● Crypto News
Tether, the stablecoin operator, is expanding its influence within the Web3 ecosystem through a collaboration with Telegram's
The Open Network (TON). On April 19, Tether announced the launch of its U.S. dollar-pegged stablecoin, USDT, and its gold-pegged stablecoin, Tether Gold (XAUT), on TON.
This significant step was revealed during a joint keynote speech at the Token2049 event in Dubai, featuring Tether CEO Paolo Ardoino, Telegram founder Pavel Durov, and The Open Platform CEO Andrew Rogozov.
During the same event, Tether introduced a strategic restructuring with the creation of four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu, aimed at enhancing its offerings and operational efficiency.
Paolo Ardoino expressed that both TON and Tether are committed to fostering an open, decentralized internet and a borderless financial system.
The integration of USDT and XAUT into TON is expected to facilitate seamless value transfer, increase activity and liquidity on the network, and provide a financial experience comparable to traditional financial systems.
This expansion increases the number of blockchains that support Tether’s operations to 15, including notable ones like Tron and Ethereum.
It also represents a significant development for the TON network, whose native token, Toncoin, recently surpassed Dogecoin to become the ninth-largest cryptocurrency by market cap as of April 16.
A unique aspect of USDT's launch on TON is the network's capability to facilitate transfers between fiat and crypto.
TON's ecosystem is designed to surpass traditional financial systems in terms of efficiency and ease of use, with built-in fiat on-ramps at launch and plans for global off-ramps to bank cards and accounts soon, according to TON Foundation's marketing head, Jack Booth.
Previously, USDT has been one of the default cryptocurrencies available on Wallet, a third-party custodial wallet used by Telegram users, along with other coins like Bitcoin and Toncoin.
With this new development, TON-based USDT will become another option on Wallet, while the Tron network will continue to support TRC-20 USDT, which currently holds the largest share of issued USDT.
This announcement follows closely on the heels of Tether’s launch of a recovery tool in March 2024, which allows users to migrate USDT between different blockchains, underscoring its continued innovation in the cryptocurrency space.
At the beginning of March, USDT reached a new all-time high market cap of $100 billion, marking a milestone in its widespread adoption and utility.
Sources:
https://cointelegraph.com/news/tether-usdt-stablecoin-ton-blockchain
