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Tether’s exciting announcement: What it means for Telegram users

TL;DR

  • Tether USDT and Tether Gold (XAUT) are now operational on The Open Network (TON), aligning with the strategy to simplify cross-border payments.
  • The launch was announced at the Token2049 conference in Dubai, featuring talks by Tether CEO Paolo Ardino and Telegram co-founder Pavel Durov.
  • TON’s recent rise above Dogecoin in market value highlights its growing significance in the crypto landscape.

Tether Operations puts its Tether USDT and Tether Gold (XAUT) into operation on The Open Network (TON). This is in line with the crypto registration strategy to make cross-border payments easy and convenient. “Tether,” the company behind the creation of stablecoins linked to the US dollar and gold, made this statement at the Token2049 conference in Dubai.

On this occasion, Paolo Ardoino, the CEO of Tether, and Pavel Durov, the Telegram co-founder, gave lectures. This platform is geared to make using financial services as convenient as possible, matching standards known from traditional banking systems.

This integration not only increases Tether’s involvement in multiple blockchains but also speaks highly of the new TON blockchain. Just recently, TON flew above Dogecoin, being ranked ninth in the list of crypto blockchains by the value on the stock market. The collaboration can foreseeably allow Telegram’s worldwide user base of 900 million to use more efficient financial tools. It suggests just how much both parties value an open, decentralized internet along with a borderless financial system.

Tether expands reach across multiple blockchains

Concurrent with the launch, and Tether announced a restructuring that includes the introduction of four new business divisions: Tether Data, Tether Finance, Tether Eco-Products, and Tether Education. These divisions are set to grow Tether’s services and improve internal operations in many areas of business. Paolo Ardoino stressed that these releases can support Tether’s goal of broadening digital currency use and increasing the activity and liquidity of the blockchain ecosystem.

Tether’s efforts to expand continuously consist of boarding representatives to more than 15 blockchain platforms, such as Tron and Ethereum, which are still key players in the crypto space. The release indicated the targeted effort to consolidate deeper connections within these significant ecosystems that would serve as a strong footing for future diversification and development in digital finance.

Elevating a user experiment with TON

The outbreak of USDT on the TON network is not the first cooperation between Tether and Telegram Web3 ecology. Since the early 2020s, USDT has been one of the default cryptocurrencies in Wallet, a third-party custodial wallet used by Telegram users. The choice of such coins is among remarkable alternatives to Bitcoin and other popular cryptocurrencies like Toncoin (TON). Through TON, the links between fiat and crypto are created, the operation of which is expected to be quicker and easier compared to traditional banking systems.

Jack Booth, the marketing head of TON Foundation, revealed that the system is just around the corner with built-in off-ramps for fiat from the layout. Bank cards and accounts got global on-ramps soon.

In particular, Telegram expects this to be a breakthrough, thus laying the foundation for millions of people who rely on Telegram messenger for different matters to experience seamless crypto infrastructure for the first time. TON, as another wallet option together with the USDT TRC-20, presently the most popular token on the Tron network as per Tether’s transparency statistics, will have USDT TON side-by-side.

Tether’s recent activities to promote the TON blockchain are producing waves in terms of how Telegram’s users communicate and even how they direct transactions all over the world. This, too, is in accordance with the crypto registration field movement that, ultimately, emphasizes innovation and user focus in the digital environment that is keeping on with the changes in the world.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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