Telegram and Tether have announced a collaboration that allows users to send USDT payments through The Open Network (TON) and the Telegram wallet. This integration, unveiled at Token2049 in Dubai, enables Telegram users to purchase USDT and send it to others through TON, a blockchain network developed by the messaging app. With over 900 million users worldwide, the partnership is expected to drive adoption of the stablecoin. Tether’s CEO, Paolo Ardoino, expressed excitement about bringing USDT to TON and supporting its vision of an open and decentralized internet and a borderless financial system, providing a seamless value transfer experience that rivals traditional financial systems.
Meanwhile, Tether has undergone massive restructuring, introducing four new business divisions focused on sustainability, data, finance, and education. This shift signifies a paradigm change in the company’s approach to financial empowerment, expanding beyond its well-established USDT stablecoin. By focusing on sustainable solutions adaptable to the needs of individuals, communities, cities, and countries, Tether aims to contribute to a future-proof financial and tech ecosystem. This strategic move away from the flagship stablecoin may prove beneficial in light of recent efforts by U.S. lawmakers to advance legislation related to stablecoins, such as the Lummis-Gillibrand Payment Stablecoin Act of 2024.
The proposed act seeks to establish regulatory frameworks for stablecoin issuers at both federal and state levels, requiring them to maintain one-to-one reserves, prohibiting unbacked algorithmic stablecoins, and preventing unauthorized use by issuers and users. Senator Gillibrand emphasized the importance of passing a regulatory framework for stablecoins to support the U.S. dollar’s dominance, promote responsible innovation, protect consumers, and combat money laundering and illicit finance. The implications of emerging stablecoin regulations on Tether and Telegram’s plans for increased public use of peer-to-peer payment systems remain to be seen as lawmakers strive to set clear rules for stablecoin operations.
The partnership between Telegram and Tether represents a significant milestone in the adoption of USDT payments through TON and the Telegram wallet. The integration of USDT into TON’s independent blockchain network offers users a convenient and efficient way to transact globally, aligning with Tether’s commitment to supporting decentralized financial systems and borderless transactions. As the collaboration aims to enhance the user experience and expand the reach of USDT, it is poised to drive innovation in peer-to-peer payment solutions and contribute to the growth of the stablecoin ecosystem.
The ongoing restructuring and diversification efforts at Tether highlight the company’s strategic shift towards sustainable financial solutions and future-ready financial systems. By expanding beyond its flagship stablecoin and embracing new business divisions, Tether is positioning itself to address evolving market demands and contribute to the development of innovative financial technologies. As Tether navigates the changing regulatory landscape surrounding stablecoins, its proactive approach to sustainability, data management, finance, and education positions the company as a key player in shaping the future of finance and technology. The partnership with Telegram and the advancement of USDT payments through TON reflect Tether’s commitment to driving forward-looking solutions in the digital asset space.
