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Tether is extending its reach into Telegram’s Web3 ecosystem. On April 19, the leading stablecoin issuer, announced it would launch its U.S. dollar-pegged USDT stablecoin on The Open Network (TON), which powers Telegram’s decentralized ecosystem.
The announcement coincided with keynote speeches from Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at Token2049, a major cryptocurrency event in Dubai. Along with USDT, Tether revealed plans to launch Tether Gold (XAUT), its gold-pegged stablecoin, on the TON blockchain.
This move is part of Tether’s broader strategy to diversify across multiple blockchains. The addition of TON brings Tether’s coverage to 15 different chains, including popular networks like Tron and Ethereum. By expanding onto TON, Tether aims to facilitate seamless value transfers, providing users with a stablecoin that can be easily exchanged across borders.
“The launch of USDT and XAUT on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system,” said Ardoino. The connection between TON and Telegram opens up new opportunities for peer-to-peer payments among Telegram’s estimated 900 million users worldwide.
In addition to its expansion on TON, Tether announced it would be restructuring its business. The company also announced the introduction of four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. These changes are expected to enhance Tether’s ability to innovate and offer a wider range of services to its users.