USDT stablecoin launched on the TON network to allow 900M Telegram users to access a decentralised cross-border payment network.
The Open Network, formerly known as Telegram Open Network (TON), is a decentralised computing network. Founded by Dr Nikolai Durov and the messaging app Telegram, it now involves contributions from a worldwide community of independent developers. The network comprises a layer-1 blockchain and multiple components.
On 19 April 2024, The leaders of Tether and TON network jointly announced the launch of USDT on the Tether network.
Tether CEO Paolo Ardoino said that the launch of USDT on the TON network will allow seamless money transfer globally in a simple experience just like sending a text message.
In an interview with Decrypt news media, Justin Hyun, the TON Foundation’s Director of Investments, said that such initiatives are going to play a vital role in pushing non-crypto people into crypto for the first time, and also for Telegram mini-apps to proliferate.
Hyun also explained that the support of USDT stablecoin on the TON network is a very big initiative to invite developers & Telegram users to use crypto payment because USDT is pegged by US dollar stablecoin & faces zero volatility.
It is worth it to note that USDT stablecoin withdrawal from the TON wallet to an external wallet will be free until June 2024. This thing is going to force Telegram users to use/try Crypto services without excuses.
/Ton price action
The trade price of Ton, the native token of the Ton blockchain network, surged 15%+ rapidly on the day of the USDT launch on the Ton network.
The current trade price of this token is $6.15 & this trade price has been 47% higher over the last 30 days.
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