NEW YORK, Monday, May 27, 2024— Tether, the company behind the world’s largest stablecoin USDT, is making a move to expand its reach and potentially revolutionize peer-to-peer (P2P) payments within the Telegram messaging app. 1
On April 19, 2024, Tether announced the integration of USDT and its gold-backed sibling, XAUT, onto The Open Network (TON), a blockchain platform with connections to Telegram. This integration allows users to seamlessly transfer these stablecoins within the TON ecosystem, potentially facilitating faster and cheaper P2P transactions.
Tether’s transparency page currently shows $10 million worth of USDT authorized on the TON blockchain, with $3 million already issued. This initial rollout suggests a measured approach, with the potential for further expansion depending on user adoption.
This move aligns with Tether’s mission of fostering open financial infrastructure across the blockchain landscape. It also leverages Telegram’s massive user base, estimated at over 900 million, to potentially create a significant new avenue for stablecoin adoption.
However, the success of this integration hinges on factors like user trust in the TON network and regulatory considerations surrounding stablecoins. While Tether hopes to streamline P2P payments, it remains to be seen how widely adopted this method will become within the Telegram user community.
- binance.com: https://www.binance.com/en/square/post/6984696189849[↩]
