Tether’s USDT and XAUT Stablecoins Expand to Telegram’s TON Blockchain
Stablecoin giant Tether is making significant strides in expanding its reach by launching its U.S. dollar-backed USDT and gold-backed XAUT stablecoins on The Open Network (TON) blockchain, a move aimed at deepening ties with Telegram’s Web3 ecosystem. The announcement was made during Token2049 in Dubai, where Tether CEO Paolo Ardoino and Telegram founder Pavel Durov shared the stage.
The integration of USDT and XAUT into the TON blockchain is a testament to Tether’s commitment to fostering an open, decentralized internet and a borderless financial system. This move not only strengthens Tether’s presence but also bolsters the TON network, which has seen significant growth recently.
USDT’s launch on TON marks another milestone in Tether’s expansion strategy, bringing its coverage to 15 chains, including Ethereum and Tron. This strategic move is aimed at enhancing liquidity and increasing activity on the TON blockchain, which has already gained momentum, surpassing Dogecoin as the ninth-largest cryptocurrency by market capitalization.
One of the key highlights of USDT’s launch on TON is its potential to facilitate seamless peer-to-peer payments for Telegram’s massive user base of over 900 million global users. The TON ecosystem offers built-in on-ramps for fiat currency, making it easier for users to transition between traditional finance and cryptocurrencies.
Additionally, the partnership between Tether and Telegram holds promise for expanding access to decentralized applications (dApps) across various verticals, including payments and gaming. With USDT and XAUT now available on TON, users can expect increased adoption and usage of stablecoins in decentralized finance (DeFi) applications.
Furthermore, Tether’s collaboration with the TON Foundation underscores a shared vision of empowering users with a simple, borderless financial experience that rivals traditional financial systems. The integration of USDT and XAUT into Telegram’s crypto wallet provides users with a convenient and secure method of managing digital assets within the messaging app.
While Tether’s expansion efforts have been met with enthusiasm, the company remains committed to compliance and transparency. Tether issues quarterly attestations about the assets backing its reserves, with over $90 billion in U.S. Treasuries supporting its stablecoin. Additionally, Tether collaborates with law enforcement agencies worldwide to ensure compliance with sanctions rules and combat illicit activities.
