Tether Partners with Telegram to Launch New Stablecoins on TON Blockchain

Tether, known for its USDT stablecoin, has recently partnered with Telegram’s Open Network (TON) to launch its stablecoins, including the dollar-linked USDT and gold-backed Tether Gold (XAUT).

This announcement was made during the Token2049 event in Dubai, with keynotes from Tether CEO Paolo Ardoino and Telegram founder Pavel Durov.

This collaboration brings Tether’s stablecoins onto the TON blockchain, integrating them into Telegram’s expanding ecosystem.

TON recently became the ninth-largest blockchain by market value, overtaking Dogecoin.

Ardoino stated that this move supports Tether's goal for a decentralized and borderless financial system, enhancing user experience by enabling smooth transactions and increased liquidity.

Jack Booth of the TON Foundation highlighted that integrating Tether’s stablecoins would facilitate transactions between fiat and crypto, with plans to introduce global financial transfer options.

This positions Tether to potentially revolutionize how crypto is used for global payments, especially given Telegram’s user base of over 900 million.

Previously, USDT was available to Telegram users through Wallet, a third-party service. However, this new initiative will offer USDT on TON an additional transaction avenue alongside the existing USDT on the Tron network, which is currently the most issued version.

In addition to the stablecoin launch, Tether announced the creation of four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. These divisions aim to deepen Tether's involvement in education, sustainable energy, and technology within the digital currency sphere.

This new phase of Tether’s expansion emphasizes its commitment to enhancing the usability and adaptability of digital currencies in everyday financial operations. It aims to merge the capabilities of blockchain technology with the practicalities of the traditional financial system.

Just weeks before this announcement, Tether introduced a tool that allows users to transfer USDT across different blockchains, further increasing its functionality and user flexibility.

Overall, Tether's latest developments and strategic partnerships mark significant steps towards achieving a more efficient and inclusive digital economy, advancing the integration of blockchain technology into mainstream financial activities.