On April 19, 2024, The TON Foundation unveiled an exciting advancement in digital finance by introducing USDt (Tether) onto The Open Network (TON). This development comes with the added benefit of integration with Telegram’s widely used messaging platform, reaching approximately 900 million monthly active users. This new Web3 experience provides an innovative opportunity for global peer-to-peer payments.
Paolo Ardoino, the CEO of Tether, emphasized the alignment between TON‘s goals and Tether’s, as he discussed advancing TON’s dream of a free and decentralized internet and global finance system. He pointed out that introducing USDT on TON would simplify international value transfers, providing an effortless experience akin to traditional financial systems and furthering the objective of fueling open financial frameworks throughout the blockchain industry.
The TON Foundation’s blog post explained how this partnership would make it easier for people to access financial services using USDT on TON. It highlighted that this setup gets rid of intermediaries, borders, and restrictions. This aligns with the foundation’s aim to make cryptocurrency a regular part of daily life, welcoming billions of users to the digital world by providing useful applications that improve everyday activities.
Keep in mind that USDT on the TON network doesn’t support users from certain regions. The blog post specifies that USDT will be unavailable to individuals living in mainland United States, US territories, and for US citizens as well as those in restricted countries according to Tether’s Terms of Service.
USDT, or Tether, is a widely used and well-known stablecoin in the cryptocurrency market. With a daily trading volume of over $85 billion and a total market capitalization of $106 billion, it holds a significant position. This stablecoin maintains a value equal to the US dollar and is backed by Tether’s reserves, ensuring its stability. This stability is essential for various transactions, trading activities, remittances, and safeguarding investments from the unpredictable price swings of other digital currencies.
The integration of USDT on TON is set to revolutionize several aspects of digital transactions:
- Seamless Integration: USDt will be integrated directly into Telegram, streamlining the user experience for decentralized finance (DeFi) and making it more accessible and comprehensible for Telegram users.Reduced Costs: The integration boasts transaction costs significantly lower than other platforms, with the core TON development team having optimized Tether’s smart contract to reduce transaction fees by 66% compared to other jettons.Enhanced Speed and Scalability: TON’s infrastructure supports high throughput and rapid confirmation times, which means USDT transactions can be processed faster than ever before.
In addition, a wallet integrated with Telegram using TON technology allows for quick and costless transfer of USDt to any contact globally. This functionality is bolstered by available exchanges and internal ramps, featuring bank transfers, credit cards, and peer-to-peer systems, thereby increasing the convenience and versatility of USDt.
The TON Foundation has set aside 11 million Toncoins as incentives to encourage users to adopt TON early.
- 5 million Toncoin for Wallet-in-Telegram’s USDt Earn, which rewards users who buy or deposit USDt.5 million Toncoin to boost liquidity pools on TON’s largest decentralized exchanges, encouraging users to supply both Toncoin and USDt to earn yields.1.2 million Toncoin to cover free withdrawals from major centralized exchanges when users purchase USDt or any TON-based asset and withdraw it to TON.
The TON Foundation explains that implementing this extensive strategy will not only create a strong environment for USDT in the TON system, but also noticeably improves the transaction process for both TON and Telegram users.
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2024-04-19 18:28