Tether’s USDT stablecoin goes live on TON blockchain, further solidifying the connection between Tether and Telegram’s Web3 ecosystem. Alongside USDT, Tether Gold (XAUT) is also making its debut on the TON blockchain.
The announcement was made on April 19 during the Token2049 event in Dubai, where Tether CEO Paolo Ardoino and Telegram founder Pavel Durov delivered keynote speeches. This move signals Tether’s commitment to an open, decentralized internet and a global financial system, shared by both TON and Tether.
In addition to the USDT and XAUT launch, Tether revealed a restructuring plan, introducing four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.
This expansion marks a significant milestone for Tether, extending its reach to 15 different blockchains, including Ethereum and Tron. Likewise, it’s a notable development for the TON network, whose native token, Toncoin (TON), recently climbed to become the ninth-largest cryptocurrency by market cap.
The integration of USDT and XAUT into the TON ecosystem promises seamless value transfers and increased liquidity, potentially providing Telegram’s vast user base of over 900 million users with a simple, borderless financial experience.
What sets USDT’s launch on TON apart is the TON ecosystem’s capability to facilitate fiat-to-crypto transfers, aiming to outperform traditional finance in efficiency and accessibility.
This collaboration isn’t entirely new, as USDT has been available on Wallet, a custodial wallet for Telegram users, since at least 2023. Currently, USDT on Wallet primarily operates on the Tron network, enabling TRC-20 USDT transactions. With the launch of TON-based USDT, users will have another blockchain option available on Wallet.
The Tron blockchain currently hosts the most significant portion of issued USDT, as per Tether’s data. However, with the expansion onto the TON blockchain, users will gain more flexibility in choosing their preferred blockchain for USDT transactions.
This announcement follows Tether’s recent introduction of a recovery tool in March 2024, allowing users to seamlessly migrate USDT between different blockchains, coinciding with USDT reaching an all-time high market cap of $100 billion on March 4.
