Tether Launches USDT & XAUT on Telegram’s TON
Tether, the company behind the $108 billion market cap USDT, has introduced its U.S. dollar-pegged USDT and gold-pegged Tether Gold stablecoins on Telegram’s The Open Network (TON). CEO Paolo Ardoino announced this strategic move at the Token2049 event in Dubai, aiming to revolutionize peer-to-peer payments and financial services for the platform’s vast user base.
The Rise of Telegram and Blockchain Integration
Telegram, a privacy-focused messaging app, has embraced TON, a blockchain developed and operated independently from Telegram. The platform has shifted its focus to Toncoin, TON’s native token, integrating it into ad buy and revenue-sharing programs, marking a significant move.
- Pavel Durov, the founder of Telegram, highlighted the platform’s leadership in blockchain integration and innovative applications.
- Recent criticisms about Tether’s issuance of $1 billion in USDT led to discussions about transparency and asset backing.
Financial Innovations and TON Impact
Tether’s transparency report showed $10 million worth of USDT authorized on the TON blockchain, with $3 million already issued. The company’s goal is to support an open and decentralized internet and a borderless financial system through USDT and XAUT integration on TON.
“We’re excited to bring USDT and XAUT to The Open Network to offer users a financial experience equivalent to traditional systems,” stated Paolo Ardoino, CEO at Tether.
Ramp Network announced plans to enable USDT purchases and withdrawals on TON, aiming to enrich the ecosystem with increased liquidity and usability for cryptocurrencies.
Market Response to Tether’s Expansion
On April 19th, 2024, following Tether’s announcement, Toncoin experienced a surge in price by over 14.8% within 24 hours, reaching a peak of around $7.15. The increased trading volume reflects trader optimism and interest in the potential impact of Tether’s move on the market.
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