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Tether debuts on The Open Network integrated with Telegram

Published 04/19/2024, 11:00 PM
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Tether’s USDT and its gold-backed version, XAUT, have gone live on The Open Network (TON), providing Telegram's 900 million monthly users a new method for peer-to-peer global payments. 

Fintech firm Ramp Network, a crypto infrastructure provider, will support the purchasing and withdrawal of USDT on TON.

At launch, exchanges and built-in on-ramps such as bank transfers, card payments, and peer-to-peer transactions will be available to make it easy for users to get into crypto on TON and Telegram. Soon, off-ramps will be introduced to allow for global entry and exit from the crypto market.

USDT isn't new to the Telegram ecosystem though; the world’s largest stablecoin has been around since at least 2023 as one of the default options in a third-party custodial wallet for Telegram users. With the latest update, TON-based USDT will become an additional option, while USDT on the Tron network (TRC-20) will continue to be available. 

The move integrates USDT directly into the popular messaging app and leverages Telegram’s extensive user base to expand the stablecoin's accessibility.

USDT is pegged 1-to-1 with the US dollar and is backed by massive reserves that sets it apart from more volatile cryptocurrencies. The coin plays a crucial role in a variety of crypto transactions, such as trading, daily exchanges, and remittances. Tether boasts a daily transaction volume of over $85 billion and holds a market capitalization of around $106 billion.

“We're excited to bring USDT to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system,” said Tether CEO Paolo Ardoino. 

“The launch of USDT on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space,” added Paolo.

The TON-based Wallet integrated into Telegram allows users to make free transfers to contacts around the world. This functionality aligns closely with the original vision of creating a peer-to-peer electronic cash system that operates without the need for intermediaries.

Originally launched by Telegram, TON has evolved into an independent entity after Telegram scaled back its direct involvement due to regulatory challenges. The platform's activity has skyrocketed, with monthly active addresses jumping from fewer than 100,000 to over 1.7 million in just six months. 

Despite these advances, toncoin's price took a 15% hit earlier today after the announcement, though it's still up 7% over the last 24 hours and has tripled in value this year, hitting a market cap of nearly $25 billion.

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