Stablecoin operator Tether has announced the launch of its U.S. dollar-pegged USDT stablecoin on Telegram’s Web3 ecosystem, The Open Network (TON).
The announcement, made by Tether on April 19, also disclosed plans for the introduction of the gold-pegged Tether Gold (XAUT) stablecoin on TON. This announcement coincided with keynote speeches delivered by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at the Token2049 crypto event held in Dubai.
Additionally, Tether revealed a restructuring initiative at the same event, unveiling four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.
According to Ardoino, the collaboration between TON and Tether is rooted in a shared vision of an open, decentralized internet and a global financial system without borders. He expressed, “The launch of USDT and XAUT on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system.”
This development underscores Tether’s ongoing expansion across multiple blockchain platforms, now extending its coverage to 15 chains, including Tron and Ethereum. Similarly, it signifies a milestone for the TON network, whose native token, Toncoin (TON), surpassed Dogecoin to become the ninth-largest cryptocurrency by market capitalization on April 16.
The announcement emphasized the potential for USDT and XAUT on TON to provide a simplified, borderless payment experience for Telegram’s vast user base, estimated at over 900 million users globally.
