Tether Integrates USDT with Telegram’s TON Blockchain

Tether, the creator of USDT, has integrated its stablecoin into the TON blockchain, associated with Telegram.

Tether, the creator of the USD-pegged stablecoin USDT, backed the Open Network (TON) blockchain, which is intimately linked to the Telegram messaging service. This development was made public through the company’s transparency page listings.

We expect the implementation of USDT on TON to facilitate seamless value transfer, thereby increasing activity and liquidity in the ecosystem. The goal of this endeavor is to provide users with a financial experience that is comparable to that of traditional financial systems. We anticipate that the integration of USDT into the TON blockchain will greatly increase accessibility to decentralized apps in a variety of industries, including payments and gaming.

Currently, we have added $10 million in liquidity. We plan to launch USDT on TON on April 20th. Moreover, Telegram CEO Pavel Durov stated at the TOKEN2049 conference that TON will offer user incentives of 11 million TON to early users of USDT on the chain.

As the amount of USDT in circulation surpasses 109 billion, Tether integrates with TON. In addition, the total quantity of the stablecoin—which includes sanctioned but unspatched tokens—has topped 114 billion.

Entering the Top 10 Blockchains Based on Market Capitalization, TON Expands Its Ecosystem
 
TON is a decentralized Layer 1 network that Telegram originally introduced. However, since the business stopped developing it because of legal concerns, it has been running on its own. 

Since the introduction of new incentives to attract new Telegram users, the ecosystem has grown significantly. According to blockchain data from Tonstat, this program has significantly increased the number of monthly active addresses to almost 1.7 million, up from fewer than 100,000 just six months prior. 
In addition, Telegram switched in March to using TON—the native cryptocurrency of the network—for transactions on its advertising platform. The cryptocurrency has surpassed Dogecoin in market value and climbed into the top 10 assets by capitalization.

According to CoinMarketCap, TON has experienced a notable increase of about 12% in the past 24 hours, and its market price is currently $7.10.

TON developers recently revealed the blockchain plan for 2024, which includes a number of significant efforts. These consist of the introduction of gas-free transactions, the release of Wallet 5.0 upgrades, and the creation of Teleport, a cutting-edge cross-chain technology. The group has also stated that it plans to increase its market share in Asia.