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Tether aims to improve peer-to-peer payments on Telegram by expanding the availability of dollar- and gold-backed stablecoins on the TON network. The move comes as the TON network is experiencing rapid growth, driven in part by incentives for Telegram users.
Originally launched by Telegram, the TON network has since become independent due to regulatory concerns. Tether, the company behind the widely used USDT stablecoin, announced plans to introduce USDT and XAUT tokens onto the TON blockchain, which works directly with the Telegram messaging app.
According to Tether’s transparency page, $10 million worth of USDT has been authorized on the TON blockchain and $3 million has already been issued. By introducing these stablecoins to the TON ecosystem, Tether aims to facilitate borderless peer-to-peer payments among Telegram’s large user base of approximately 900 million users. Additionally, the expansion will support the growing DeFi ecosystem on TON, offering users financial opportunities similar to traditional systems.
Tether CEO Paolo Ardoino emphasized the importance of this move and stated that it is in line with their mission to strengthen open financial infrastructure in the blockchain space.
The TON network has seen significant growth, with monthly active addresses exceeding 1.7 million, up from less than 100,000 just six months ago. Telegram has also switched to using the network’s native token, toncoin (TON), for its advertising platform, contributing to the token’s 18% price increase in the last 24 hours and tripling in value this year, gaining a market cap of $25 billion.
Telegram’s crypto wallet supports multiple blockchains for deposits and withdrawals, while TON encourages adoption by lowering transaction fees. Halil Mirakhmed, COO of Wallet at Telegram, stated that USDT on TON is the only stablecoin available in the Ton Space ecosystem, simplifying the user experience for those interested in the TON ecosystem.
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