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News/Tether's Stablecoin Onslaught on TON Powers Global Payments

Tether's Stablecoin Onslaught on TON Powers Global Payments

Van Thanh Le

Apr 19 2024

last month3 minutes read
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Tether Unleashes Stablecoins on TON, Heralding a New Era of Global Crypto Payments

Tether has expanded its dollar-pegged stablecoin, USDT, and its gold-backed sibling, XAUT, natively onto The Open Network (TON) blockchain. With nearly 900 million users, Telegram presents an enticing opportunity for Tether to facilitate borderless, peer-to-peer payments across the rapidly growing TON ecosystem. This integration aims to leverage TON's decentralized infrastructure, boosting activity and liquidity within decentralized finance (DeFi) applications.

Tether's financial might is undeniable, boasting a staggering $108 billion market capitalization for its USDT stablecoin. While $10 million worth of USDT has been authorized on the TON blockchain, with $3 million already issued, the company's CEO, Paolo Ardoino, emphasizes the goal of powering open financial infrastructure across the blockchain space. Ardoino envisions seamless value transfers, enhancing the global financial system's openness and borderlessness through this collaboration with TON.

ton usdt.png
Tether's transparency page indicated that $10M worth of USDT has been authorized on TON blockchain.

The integration promises a financial experience akin to traditional systems, yet without intermediaries, aligning with Tether and TON's shared vision of democratizing financial services and integrating crypto into daily life. However, regulatory hurdles remain, as services related to USDT on TON will exclude users in mainland US, US territories, or US citizens in countries listed under Tether's Terms of Service's Prohibited Countries.

Undeterred by these limitations, Tether is doubling down on user engagement, with the TON-based Wallet in Telegram enabling instant, fee-free transfers of USDT to Telegram contacts worldwide, promoting ease of transactions. Moreover, transaction costs for USDT on TON are significantly lower, with Tether's smart contract optimized to reduce fees by an impressive 66% compared to other platforms.

A giant gold coin with the Tether (USDT) symbol spins rapidly.webp

To incentivize early adoption and bolster liquidity within the TON ecosystem, the TON Foundation has allocated a substantial 11 million Toncoin for various incentive programs. These include rewards for USDT purchases or deposits, boosting liquidity pools on decentralized exchanges, and covering free withdrawals for TON-based assets from centralized exchanges.

Partnerships are also blossoming, with Ramp Network, a fintech company, announcing plans to enable purchases and withdrawals of USDT on TON, starting with fiat to USDT conversions on its website and extending to third-party wallets. This integration is seen as a milestone for global crypto payments, positioning Telegram combined with TON as both a communication platform and a financial entity, poised to reshape the landscape of digital transactions.

TON and Tether Forge Ahead: Memelandia, Tokenized Emojis, and a Reorganized Stablecoin Giant

Building upon the milestone integration of Tether's stablecoins on the TON blockchain, heralding a new era of global crypto payments, recent developments within the TON ecosystem and Tether's organizational structure have further solidified their positions as innovators in the digital asset space.

The TON blockchain launched Memelandia, a platform aiming to enhance the meme coin ecosystem, providing a cultural hub for meme coins and community tokens with extensive marketing support and financial incentives. Memelandia's Ranked TOL (Ton Online Leaderboard) tracks various metrics such as transaction volume, user engagement, and market growth for meme coins, fostering a competitive environment that encourages improvement and innovation. 

Memelandia's efforts also include targeted marketing campaigns, social media promotions, and strategic partnerships, aiming to increase the visibility and recognition of meme coins within the crypto market. TON's Memelandia was announced officially on April 16, 2024, marking a significant step towards recognizing meme coins as essential elements of the cryptocurrency landscape.

Adding to the wave of innovation, Telegram CEO Pavel Durov announced plans to tokenize stickers and emojis as NFTs during his speech at the Token2049 event in Dubai, highlighting Telegram's innovative approach to integrating blockchain technology. Telegram has previously generated $350 million from auctioning unique usernames, allowing users to earn significant revenue, which is largely returned to them at a rate of 95%. 

The planned tokenization will extend to stickers and emojis, aiming to create socially-relevant NFTs that are deeply integrated into human culture and communication. Durov emphasized the scalability of the TON blockchain, which will be used for these tokenizations, underscoring its capability to handle potentially hundreds of millions of transactions necessary for the service.

A blossoming tree with golden leaves shaped like Bitcoin symbols.webp

Meanwhile, Tether announced a significant reorganization into four divisions: Data, Finance, Power, and Edu, each focusing on expanding applications beyond its flagship USDT stablecoin. Tether Data will focus on strategic investments in emerging technologies, Tether Finance will continue to expand upon stablecoin offerings and develop new blockchain-based financial infrastructures. 

Tether Power will focus on sustainable Bitcoin mining practices, aligning with global sustainability goals while supporting the integrity of the Bitcoin network. Tether Edu aims to enhance global access to digital education, supporting various educational initiatives and public-private partnerships, such as the noteworthy Plan B project in Lugano.

Conclusion

Tether's trailblazing stablecoin integration on TON blockchain heralds a new era of global crypto payments. With seamless USDT and XAUT transfers for 900 million Telegram users, coupled with innovative projects like Memelandia and tokenized emojis, the future of finance is being redefined through decentralization and accessibility.

FAQs

1. What are the benefits of using USDT and XAUT on TON?

Users can enjoy fee-free, instant transfers to Telegram contacts worldwide. Transaction costs are reduced by 66% compared to other platforms. It bolsters TON's DeFi ecosystem with increased liquidity.

2. Are there any limitations to using Tether's stablecoins on TON?

Services related to USDT on TON exclude users in mainland US, US territories, or US citizens in countries listed under Tether's Prohibited Countries terms.

3. What incentives are available for adopting USDT on TON?

The TON Foundation allocated 11 million Toncoin for rewards on USDT purchases/deposits, liquidity pools, and free withdrawals from centralized exchanges.

4. How does the Memelandia project benefit meme coins on TON?

Memelandia provides a cultural hub, marketing support, social media promotions, and strategic partnerships to increase visibility and innovation within the meme coin ecosystem.

This article has been refined and enhanced by ChatGPT.

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