• Tether is expanding its USDT and XAUT stablecoins to the TON Network, targeting Telegram’s 900 million users
• The TON network has seen rapid growth recently, helped by incentives for onboarding Telegram users
• Tether seeks to boost peer-to-peer payments on Telegram by expanding its dollar and gold stablecoins to the TON Network
Tether has expanded its USDT and XAUT stablecoins to the TON network. This move targets Telegram’s massive userbase of 900 million and furthers adoption of Tether’s stablecoins.
Background on Tether and Telegram
Tether is a blockchain-enabled platform that powers the largest stablecoin by market capitalization. Tether’s USDT stablecoin aims to be pegged 1:1 with the US dollar.
Telegram is a cloud-based instant messaging service with around 900 million monthly active users globally. The TON network is Telegram’s Layer 1 blockchain that facilitates fast transactions.
Recent Growth of TON Network
The TON network has seen rapid growth recently, helped by incentives for onboarding Telegram users. TON has over 52 million active wallets currently. The adoption has been boosted by features like TON DNS, a service allowing easy payments via URLs instead of long wallet addresses.
Tether Expanding to TON Network
Tether is now expanding to the TON network by launching USDT and XAUT stablecoins on it. USDT is pegged to US dollar while XAUT represents gold.
The stablecoins aim to bring Tether’s familiar currency-pegged tokens to Telegram’s massive user base. Tether cites the high demand from Telegram users as the reason behind this move.
Advantages of Tether Integration
Integrating with the TON network provides certain advantages to Tether. It expands the availability of Tether’s stablecoins to Telegram’s hundreds of millions of users.
For Telegram users, this integration brings the convenience of fast and low-cost transactions using Tether’s stablecoins for payments, remittances, and as a store of value.
Potential for Mass Adoption
This integration has the potential to drive mass adoption of cryptocurrencies and blockchain through Tether’s stablecoins. With instant transactions and zero fees on TON, transacting with stablecoins becomes seamless.
Telegram’s massive global user base also provides a huge addressable market for cryptocurrency adoption. As more users start transacting on TON using USDT and XAUT, it could bring cryptocurrencies into the mainstream.
Conclusion
The integration of Tether with Telegram’s TON network is a significant development for driving blockchain adoption. With Tether’s stablecoins now available to Telegram’s hundreds of millions of users, cryptocurrency payments on the network could see massive growth. This could be a stepping stone for bringing cryptocurrencies to mainstream usage globally.
