Stablecoin issuer Tether (USDT) is launching its dollar-pegged asset over The Open Network (TON), giving it access to the user base of the popular messaging platform Telegram.
In a new article, Tether says that it is launching both USDT and Tether Gold (XAUT), its gold-backed crypto asset, over the layer-1 protocol TON, bringing its total coverage to 15 blockchains.
According to Tether, Telegram’s instant messaging system can be used to quickly send peer-to-peer payments across the globe.
“The TON blockchain works with Telegram, meaning USDT and XAUT on TON have the potential to provide a simple, borderless experience for peer-to-peer (P2P) payments for Telegram’s user base, which Telegram estimates at over 900 million global users.”
According to Tether, adding the most popular stablecoin in the world to TON is going to greatly boost activity and liquidity over the blockchain.
“This integration is poised to boost activity and liquidity on TON, simplifying access to capital for developers and users across various use cases while offering benefits for users by allowing them to hold and move USDT with their TON wallet.
The inclusion of USDT, the widest and most utilized stablecoin in the industry, offers significant support for TON in its ongoing development of a robust financial and payments infrastructure.”
Other notable blockchains USDT is a part of include Ethereum (ETH), Polygon (MATIC), Solana (SOL), and Avalanche (AVAX).
Earlier this week, Tether announced that it will be branching out its business model and adding four new divisions – data, finance, education, and power – as a means of creating an inclusive, future-proof financial and tech ecosystem.
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