The popular stablecoin USDT's operator, Tether, has announced a big entry into Telegram's Web3 ecosystem with the introduction of its USDT and gold-pegged XAUT on The Open Network (TON). This calculated move fits with their goal of a decentralized, global financial system, as stated by Telegram creator Pavel Durov and Tether CEO Paolo Ardoino during his speeches at Token2049 in Dubai. With improved liquidity and smoother transactions made possible by the agreement, peer-to-peer payments for Telegram's 900 million users worldwide may undergo a transformation.
This breakthrough represents yet another significant step in Tether's growth over 15 distinct blockchains, including well-known ones like Ethereum and Tron. The addition of USDT to TON, which just overtook Dogecoin to become the ninth-largest blockchain, not only increases its accessibility but also highlights the growing power of cryptocurrencies in challenging established financial institutions. Tether's most recent move on TON might set the standard for mainstreaming cryptocurrency for international payments, along with new business divisions like Tether Data and Tether Finance and planned capabilities for simpler fiat conversion.
