Tether Launches USDT on TON Network

The largest stablecoin in the world, Tether, has expanded its stablecoin USDT to The Open Network (TON) with the aim of integrating digital currencies into everyday life and expanding Telegram’s crypto presence.

🔈 @Tether_to’s USDt now available on #TON!

Making cross-border payments INSTANT, FREE, and as EASY as sending a text message for @telegram's 900M users.

TON Foundation offers 11M $TON in incentives 💸💎

Check out this thread to learn more! 🧵⬇️ pic.twitter.com/yvqihsuBR9

— TON 💎 (@ton_blockchain) April 19, 2024

This is coming two years after Pavel Durov, the co-founder and CEO of Telegram, said, "When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm.”

Tether CEO Paolo Ardoino, at the Token 2049 conference in Dubai held on Friday, officially announced on stage the integration of the largest stablecoin in the world, USDT, into the Open Network (TON).

The company stated in a blog post: This integration introduces Tether”s USDT onto TON’s ecosystem and will allow an instant, free, and seamless cross-border payment experience compared to the traditional financial system. He added.

One of the unique features of this initiative is to transform global peer-to-peer payments, allowing Telegram's users to send transfers freely and instantly between all Telegram users.

It is as easy as sending a text message to Telegram's 900 million users, and all you need to do is send a DM. There is no need for a blockchain address, and there is no need to download a new mobile app.

For the TON community, a transaction between two USDt users on the open network is fixed at just 0.0145 TON (~$0.10) which makes it very cheap.

USDT, a cryptocurrency pegged 1-to-1 with USD backed 100% by Tether’s reserves holding a $108 billion market capitalization, is less volatile than other digital assets. This makes the stablecoin USDT on TON ideal for daily transactions and cross-border payments.

USDT on the TON network will be accompanied by fully integrated on-ramps from most fiat currencies globally, enabling users to withdraw supported fiat currencies directly to bank accounts or cards at launch.

To drive adoption, the TON Foundation is taking a huge step towards rewarding users with crypto by allocating 11 million worth of $TON in incentives for a limited time. It will also offer free withdrawals to TON from all supporting exchanges, like OKX, Bybit, and Kucoin, for all users until the end of June 2024.

Launching a native USDt token on TON makes it the first blockchain integrated with Telegram and marks a significant advancement in digital finance. This addition of USDt on TON will open up an accessible entry point for crypto newcomers globally to engage with digital assets seamlessly.

Furthermore, it should be noted that, as of the time of writing, USDT on TON is not available for users based in the mainland US, US territories, US citizens, or prohibited countries as defined under the Tether Terms of Service.

 

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.