Tether has announced plans to expand peer-to-peer payments on Telegram by bringing its USDT and XAUT tokens to the TON network, serving Telegram’s large user base of 900 million.
The TON network, originally launched by Telegram, has seen rapid growth and Tether, the creator of USDT with a market cap of $108 billion, intends to integrate these stablecoins on TON to cater to Telegram users.
Tether’s transparency page shows that $10 million worth of USDT has been approved on the TON blockchain, with $3 million already in circulation. This move aims to facilitate seamless peer-to-peer payments on Telegram and boost the TON ecosystem for decentralized finance applications.
Paolo Ardoino, CEO of Tether, highlighted the importance of this integration, noting that it will enable easy value transfer and enhance user experience similar to traditional finance systems.
The TON network, initially led by Telegram but now operating independently, has seen significant growth in recent months with over 1.7 million active addresses, up from less than 100,000 six months ago.
Despite a temporary dip in the TON token price post-announcement, it has risen by 7% in the past 24 hours and has tripled in value this year, reaching a market cap of nearly $25 billion. Telegram’s crypto wallet supports multiple blockchains and has reduced trading fees to encourage TON adoption.
Ramp Network, a fintech company connecting crypto with traditional banking, plans to enable USDT transactions on TON. They will start with fiat-to-USDT on TON and later integrate with third-party wallets supporting TON-based assets.
Szymon Sypniewicz, CEO of Ramp Network, envisions simple crypto transactions within the TON ecosystem, aiming to improve the lives of millions through accessible and cost-effective crypto transactions.
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