We do the research, you get the alpha!
Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game!
Go to Alpha Reports
Onstage at Token 2049 in Dubai, the CEOs of Tether and Telegram jointly announced on Friday that USDT—the largest stablecoin in the world—will launch on the The Open Network (TON) and the Telegram wallet, in a bid to both expand Telegram’s crypto presence and accelerate the growth of the TON blockchain in its own right.
“The launch of USDT on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system,” Tether CEO Paolo Ardoino said. “This furthers our mission of powering open financial infrastructure across the blockchain space.”
Telegram, the privacy-focused messaging app, currently boasts over 900 million monthly active users, according to the company. In recent months it has embraced TON—a blockchain first developed by Telegram before being continued independently—by integrating Toncoin, TON’s native token, into Telegram’s ad buy and revenue sharing programs.
Now, TON’s leadership says, the blockchain network will be able to expand at a much quicker place, with the backing of one of crypto’s sturdiest assets.
“We really anticipate this being a catalyst for non-crypto people to come into crypto for the first time, and for Telegram mini-apps to really proliferate,” Justin Hyun, the TON Foundation’s Director of Investments, told Decrypt. “We’re ready to go to battle and say, ‘Come and build on TON,’ now that there’s Tether.”
Because USDT’s value is pegged to the US dollar, Hyun elaborated, users less experienced with the volatility of crypto assets like Toncoin will now be able to complete transactions on-chain without worrying about whether funds will shift in value over the course of weeks or months.
Telegram’s crypto wallet, which launched in September after years of legal headaches, allows users of the app to manage TON-based digital assets with both custodial and self-custodial options—while remaining in the messaging app.
In recent months, Toncoin has more than tripled in value, off the news of Telegram’s integrations of the token, and the upstart success of Notcoin, a Telegram-based game that allows players to accumulate in-game currency. Notcoin is set to launch its hotly anticipated airdrop by the end of the month.
Edited by Stacy Elliott.
