Tether’s USDt, the world’s leading stablecoin, is now available on The Open Network (TON), a blockchain connected to the Telegram messaging app.
This integration aims to simplify cryptocurrency transactions for Telegram’s vast user base.
Introducing a native USDt token on TON provides a new Web3 experience for global peer-to-peer payments to 900 million monthly Telegram users.
According to the TON Foundation, this is the most significant development in the Web3 sphere toward the practicalization of digital currencies for the entire world’s population.
In conjunction with Tether, we facilitate peer-to-peer remittances, one of the most prevalent use cases for digital currencies worldwide. The process is as straightforward as sending a message. No intermediaries, borders, or limitations exist.
CEO of Tether stated,
We’re excited to bring USDt to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system, The launch of USDt on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.”
Paolo Ardoino, CEO tether
This action furthers TON’s objective of ensuring that cryptocurrency is accessible to all individuals and integrates Web3 services that operate “behind the scenes” into the routine activities of Telegram users.
The digital realm will only be able to attract billions of consumers by providing them with practical applications that enhance their daily lives. This integration is one of the very first practical use cases that can be adopted globally.
In collaboration with Tether and having been integrated into Telegram, TON will migrate hundreds of millions of cryptocurrency users to Web3.
What is USDt?
The most widely used and well-known stablecoin is USDt, also known as Tether, with a daily volume of over $85 billion and a market capitalization of $106 billion. Pegged one-to-one with USD, the USDt token is 100 percent guaranteed by Tether’s reserves.
This 1:1 pegging distinguishes USDt from other, more volatile digital currencies by providing a stable value.
Ensuring such stability is critical for safeguarding your holdings against the price fluctuations of other digital currencies and conducting daily transactions, trading, and remittances. Stablecoins are therefore applicable to DeFi, peer-to-peer transactions, and exchanges.
As a secure asset, USDt enables users to hedge against cryptocurrency’s price volatility risk.
Daily transactions: The cryptocurrency’s stability renders it appropriate for routine tasks such as online purchasing and remittances.
International payments: USDt on TON facilitates instantaneous transactions and minimal transaction fees, simplifying and reducing the cost of global payments.
Before now, USDt has yet to be paired with a distribution platform and user experience capable of delivering a straightforward, intuitive global payments experience that a broad audience can access.
A dawning age for digital finance
The introduction of USDt to TON represents a significant development in digital finance. The combination of TON’s unparalleled efficiency, scalability, and security with Telegram’s viral mechanics and 900 million-strong user base creates the ideal environment for USDt, augmenting its accessibility and utility.
Positive aspects of USDt on TON:
USDt on TON will be seamlessly integrated into Telegram, establishing TON as the most convenient blockchain for USDt transactions through a distinctly user-friendly experience. This integration will streamline the DeFi experience for Telegram users, enhancing its accessibility and comprehensibility.
Reduced transaction fees: TON is already one of the most cost-effective Layer 1 networks; however, we surpass this with USDt. By optimizing the smart contract on Tether, the core TON development team has reduced the price of jetton by three times compared to all others. Compared to other jettons, a transaction between two USDt users is fixed at 0.0145 TON (approximately $0.10), a 66% cost reduction.
More rapid and scalable: Due to TON’s accelerated confirmation periods and high throughput, USDt transactions can be processed at an unprecedented rate.
In addition, the TON-based Wallet in Telegram enables instant, fee-free transfers of USDt to clients’ Telegram contacts around the globe. At the launch, there will be exchanges and built-in on-ramps for P2P, bank transfers, cards, and P2P.
Additionally, off-ramps will be available shortly to facilitate global crypto entry and departure on TON and Telegram, transforming into a vital web3 gateway for Telegram users.
Presented in a straightforward interface, this borderless USDt experience in Telegram is an audacious step toward Satoshi Nakamoto’s goal of creating “a purely peer-to-peer electronic cash without an intermediary.”
The environmental advantages of USDt on TON
By incorporating USDt into the TON Ecosystem Wallet in Telegram and throughout the community, the USDt transaction experience is vastly enhanced, distinguishing TON from other blockchain solutions.
Users can now, for the first time, benefit from a native TON stablecoin within the ecosystem, transferring funds to any global contact within Telegram for free via the Wallet in Telegram.
In contrast, alternative on-chain wallets impose network fees solely on users without concealed charges or markups. Soon after the introduction, on-chain gas fees can also be settled in USDt-TON.
USDt on TON provides easy access for individuals who are new to cryptocurrencies. This innovation integrates the benefits of digital currencies with the reliability of conventional fiat currencies, thereby streamlining the cryptocurrency process and providing novices with a secure basis to explore the advantages of DeFi on Telegram.
11 million Toncoins in USDt as incentive for the launch
A cryptocurrency launch is complete with substantial incentives. It had to be particularly remarkable, given that it was the introduction of the largest stablecoin in the world, within one of the most popular instant messaging platforms, and on one of the quickest blockchains in the world.
User incentives totaling 11 million Toncoin for early consumers of USDt on TON:
- Invest 5 million Toncoin in Wallet-in-Telegram’s USDt Earn program by purchasing or depositing USDt. You will receive a return on your investment with a specified yield.
- Increases of 5 million Toncoin for Liquidity Pools on Ston.fi and DeDust, the two largest DEXs operated by TON. One can generate a yield return by supplying USDt and Toncoin in equal quantities.
- Free withdrawals totaling 1.2 million Toncoins from TON’s principal Centralized Exchange counterparties. Fund your account with USDt or any other asset denominated in TON for no cost.
Each incentive is temporarily available; once they are depleted, they are no longer accessible.
Are you prepared to use Telegram for authentic peer-to-peer transactions? Click here to learn how USDt on TON operates and how to purchase your first USDt.
It should be noted that USDt on TON is not accessible to individuals residing in the mainland United States, US territories, US citizens, or Prohibited Countries, as specified in Tether’s Terms of Service.