The integration of USDt, the world’s largest stablecoin by market capitalization, onto The Open Network (TON) marks an advancement in the realm of digital finance.
This collaboration brings together Tether, the organization behind USDt and TON, the first blockchain seamlessly integrated with Telegram, offering an unprecedented peer-to-peer payment experience to the platform’s 900 million monthly active users.
The native launch of USDt on TON is set to revolutionize Web3 interactions by providing a simple, decentralized system for global transactions akin to sending a message. With no intermediaries, users can enjoy borderless transfers with minimal fees and no restrictions. This feature aligns perfectly with the open internet vision that TON and Tether share, facilitating a truly global, decentralized financial ecosystem.
Paolo Ardoino, CEO at Tether, emphasizes the significance of this launch, stating: “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 move is particularly notable as it extends the utility of USDt by integrating it into everyday digital transactions and simplifying cross-border payments, which are now more affordable and efficient thanks to the network’s optimized transaction costs.
USDt, with its daily volume exceeding $85 billion and a market cap of $106 billion, maintains a 1:1 peg with the US dollar, backed entirely by Tether’s reserves. This stability is crucial, making USDt a reliable medium for daily transactions, hedging against cryptocurrency volatility, and engaging in decentralized finance (DeFi) activities.
Furthermore, the TON ecosystem stands to benefit immensely from this integration. The TON-based Wallet in Telegram allows instant, fee-free transfers of USDt among Telegram contacts globally, enhancing the user experience and accessibility of digital currencies. This integration not only simplifies DeFi applications for Telegram users but also significantly reduces transaction fees, making it more cost-effective than ever. TON has optimized Tether’s smart contracts to ensure transactions are three times cheaper than other platforms, with a fixed fee of just 0.0145 TON (approximately $0.10).
The launch is supported by substantial incentives, including 11 million Toncoin allocated across various promotional activities. These incentives aim to boost early adoption and engagement within the TON ecosystem, further solidifying its position as a leading blockchain for scalable and efficient digital finance operations.
In addition to the TON integration, Ramp Network has announced its support for USDt on TON, enabling the purchase and withdrawal of the stablecoin. Ramp, a leading fintech infrastructure provider, facilitates easy crypto transactions across more than 150 countries, enhancing the TON ecosystem’s accessibility and usability. Szymon Sypniewicz, CEO of Ramp Network, expressed enthusiasm about the partnership, noting: “Crypto transactions should be as simple as texting. At Ramp Network we share TON Foundation’s vision. We are excited to contribute to making it a reality by introducing on-ramping and off-ramping for USDt on TON across more than 150 countries.”
This strategic development underscores the synergistic potential between blockchain technology and traditional financial systems, promising a more inclusive, efficient, and stable digital economy. With these innovations, TON and Tether are well-positioned to drive widespread adoption of cryptocurrencies, making digital currencies truly useful for the global population while adhering to the Satoshi Nakamoto vision of a peer-to-peer electronic cash system without intermediaries.
