USDt Launches on TON for Cross-Border Payments
source link: https://cryptomode.com/news/usdt-ton-cross-border-payments/
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USDt Launches on TON for Cross-Border Payments
According to Tether's CEO Paolo Ardoino, USDT will introduce the TON blockchain on April 20
On Friday, Tether, the leading stablecoin firm, broadened its support for the USDT stablecoin within the TON network.
Additionally, the CEOs of Telegram and Tether jointly announced the launch of USDT and the gold-pegged Tether Gold (XAUT) stablecoin on The Open Network (TON) blockchain at the TOKEN2049.
Tether CEO Paolo Ardoino speaking at TOKEN2048 || Source: TOKEN2049
It is important to note that USDT on the TON network is inaccessible to individuals in the United States, territories of the US, or US citizens, as well as countries restricted by Tether’s terms of service.
During the same occasion, Tether declared a reorganization and unveiled four new frameworks: Tether Data, Tether Finance, Tether Power, and Tether Edu.
The official Tether website now lists USDT on the TON blockchain. Its transparency page also includes EURT, CHNT, XAUT, and MXNT listings.
According to Tether CEO Paolo Ardoino, USDT will introduce the TON blockchain on April 20. The authorized total of USDT stablecoins on the TON network amounts to $10 million. Initially, $3 million was set as “Authorized but not issued,” leaving an apparent discrepancy of—$7,000,002, according to the data.
A screenshot of Tether’s Transparency Page || Source: Tether
TON also shared updates about the announcement, describing it as “the first truly significant and practical use case in cryptocurrency.” Telegram’s CEO Pavel Durov and Tether’s CEO Paolo Ardoino will officially reveal the breakthrough, including specifics on their collaboration with additional projects.
The introduction of USDT on the TON blockchain marks another point of collaboration between the two networks, not their first encounter. Since 2023, USDT has been a primary cryptocurrency choice within Wallet, a custodial third-party wallet accessible to those using Telegram, including other cryptocurrencies such as Bitcoin (BTC) and Toncoin (TON).
The announcement comes after Tether introduced a recovery tool in March 2024, which enables users to transfer USDT across various blockchains. On March 4, Tether’s USDT stablecoin achieved a new peak in market capitalization, surpassing $100 billion.
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This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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