Tether, the issuer of the world’s most widely used stablecoin, has collaborated with the TON Foundation to enable users to send crypto payments via the popular Telegram encrypted instant messaging service.
World's leading stablecoin provider, #Tether, partners with #Telegram to enable USDT payments on its platform via the #TON blockchain for its over 900 million users@Tether_to @telegram @ton_blockchain pic.twitter.com/4b63KwOgRd
— BitKE (@BitcoinKE) May 1, 2024
“This initiative is set to transform global peer-to-peer payments, allowing Telegram’s users to send transfers freely and instantly between all Telegram users; all you need to do is send a DM, no need for a blockchain address, and no need to download a new app,” the foundation said in a thread on X.
“USDt on TON will be accompanied by fully integrated on-ramps from most fiat currencies globally at launch. Soon, integrated global off-ramps will enable users to withdraw supported fiat currencies directly to bank accounts or cards.”
🔈 @Tether_to’s USDt now available on #TON!
Making cross-border payments INSTANT, FREE, and as EASY as sending a text message for @telegram's 900M users.
TON Foundation offers 11M $TON in incentives 💸💎
Check out this thread to learn more! 🧵⬇️ pic.twitter.com/yvqihsuBR9
— TON 💎 (@ton_blockchain) April 19, 2024
In addition, the foundation has announced that it is allocating 11 million $TON in incentives:
- 5 million $TON will be used to boost rewards in USDt/TON liquidity pools across TON DEXes
- 5 million $TON will be given to users for depositing USDT to Telegram wallet’s Earn campaign
- Withdrawals to TON from all supporting exchanges like OKX, Bybit, and KuCoin will be entirely free for all users till the end of June 20 2024
“We can create the first real power app that can both serve as a communication system, but also as a bank account,” Tether’s Chief Executive Officer, Paolo Ardoino, said during an interview at the Token2049 crypto conference in Dubai.
This popped up just now on my @telegram app.
Tether and Telegram join forces ❤️
An entire ecosystem at your fingertips.Unstoppable Together. pic.twitter.com/8mTNCtIi7n
— Paolo Ardoino 🍐 (@paoloardoino) April 19, 2024
Steve Yun, President of the TON Foundation, said in an interview at the conference that he aims to attract more of Telegram’s 900 million users to the TON blockchain and crypto wallet. He highlighted that many users are seeking convenient and efficient methods for sending money.
“In the emerging markets, there’s a huge demand to store their wealth in USD,” or dollars, he said.
Tether’s cryptocurrency is called USDT and is backed one-to-one by reserves invested mostly in dollar-denominated assets.
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