Tether, a stablecoin operator, is enhancing its relationship with Telegram’s Web3 ecosystem by introducing its stablecoins like Tether (USDT) on The Open Network (TON).

The launch of Tether’s U.S. dollar-pegged Tether USDT stablecoin and the gold-pegged Tether Gold (XAUT) stablecoin on the TON blockchain was disclosed by Tether Operations on April 19. This announcement coincided with keynote speeches by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at the Token2049 crypto event in Dubai.

During the event, Tether also unveiled a restructuring initiative, presenting four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu.

According to Ardoino, both TON and Tether share a common vision of an open, decentralized internet and a borderless financial system. He emphasized that launching USDT and XAUT on TON will facilitate seamless value transfer, boost activity and liquidity, and provide users with a financial experience comparable to traditional systems.

This development signifies a significant milestone for Tether as it expands its presence across various blockchains, extending its reach to 15 blockchains, including Tron and Ethereum. Moreover, the integration of USDT and XAUT on TON holds promise for the TON network, which recently surpassed Dogecoin (DOGE) to become the ninth-largest blockchain and cryptocurrency by market value.

The collaboration between TON and Telegram implies that USDT and XAUT on TON could offer a straightforward, borderless payment experience for Telegram’s vast user base, estimated at over 900 million users worldwide.

The launch of USDT on the TON blockchain stands out due to TON’s ability to facilitate transfers between fiat and crypto, aiming to outperform traditional finance in efficiency and user-friendliness. Jack Booth, TON Foundation’s marketing head, highlighted the platform’s built-in fiat on-ramps at launch, with plans for global off-ramps to bank cards and accounts in the near future, enabling a broad audience to utilize crypto infrastructure for global payments.

The integration of USDT with the TON blockchain builds upon their existing relationship, with USDT being available on Wallet, a custodial wallet for Telegram users, since at least 2023. The Tron network currently supports USDT on Wallet, offering TRC-20 USDT, while TON-based USDT will soon be an additional option.

Tether’s introduction of a recovery tool for migrating USDT across different blockchains in March 2024 follows its stablecoin achieving a record market cap of $100 billion on March 4.

In conclusion, Tether’s strategic moves to integrate with the TON blockchain and expand its offerings signify a significant step towards enhancing accessibility and usability within the cryptocurrency ecosystem.