Tether (USDT), the stablecoin issuer, is set to launch its dollar-pegged asset on The Open Network (TON), which will grant it access to Telegram’s extensive user base. In an article released by Tether, it was announced that both USDT and Tether Gold (XAUT), its gold-backed cryptocurrency, will be introduced on the layer-1 protocol TON, expanding its coverage to 15 blockchains. Tether highlights that Telegram’s messaging system enables fast peer-to-peer payments worldwide. Tether stated, “The TON blockchain works with Telegram, meaning USDT and XAUT on TON have the potential to provide a simple, borderless experience for peer-to-peer (P2P) payments for Telegram’s user base, which Telegram estimates at over 900 million global users.” The addition of the world’s most popular stablecoin to TON is expected to significantly enhance activity and liquidity on the blockchain. Tether explained, “This integration is poised to boost activity and liquidity on TON, simplifying access to capital for developers and users across various use cases while offering benefits for users by allowing them to hold and move USDT with their TON wallet. The inclusion of USDT, the widest and most utilized stablecoin in the industry, offers significant support for TON in its ongoing development of a robust financial and payments infrastructure.” Notable blockchains that already support USDT include Ethereum (ETH), Polygon (MATIC), Solana (SOL), and Avalanche (AVAX). Earlier this week, Tether revealed its plan to diversify its business model by adding four new divisions – data, finance, education, and power – as part of its strategy to create an inclusive and future-proof financial and tech ecosystem.
