Telegram and Tether have partnered to allow users to send USDT payments via The Open Network (TON) and Telegram’s wallet, according to an announcement made by the founders of both companies on Friday at Token2049 in Dubai.
USDT Payments On Telegram Via The Open Network and Telegram Wallet
The official announcement revealed that Telegram users can now buy USDT and send the stablecoin via TON, an autonomous blockchain originally developed by the messaging app. With over 900 million users worldwide, this collaboration could significantly boost the adoption of the stablecoin.
Paolo Ardoino, CEO of Tether, expressed enthusiasm about the integration, stating, “We’re excited to bring USDT to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USDT on TON will facilitate a global, seamless transfer of value, offering a user experience that rivals that of the traditional financial system.”
Tether Launches Massive Restructuring
Amidst significant organizational changes, Tether has recently announced the creation of four new business divisions dedicated to sustainability, data, finance, and education. This news was shared just a day before the collaboration announcement.
“Tether’s move to expand beyond the well-known USDT stablecoin marks a significant shift towards financial empowerment,” said a statement from Tether on Thursday. “With a focus on sustainable solutions that meet the needs of individuals, communities, cities, and countries, alongside initiatives in responsible Bitcoin mining, Artificial Intelligence infrastructure, and decentralized communication platforms, Tether is positioning itself as a key player in building a resilient financial and technological ecosystem.”
This strategic expansion beyond its primary stablecoin product comes at a time when U.S. lawmakers are actively pushing forward legislation related to stablecoins, suggesting that Tether’s broadened focus could be a strategic long-term maneuver.
On Wednesday, U.S. Representatives Cynthia Lummis and Kirsten Gillibrand introduced the Lummis-Gillibrand Payment Stablecoin Act of 2024. This legislative proposal aims to create regulatory frameworks for stablecoin issuers at both federal and state levels.
The act mandates that stablecoin issuers maintain one-to-one reserves, bans unbacked algorithmic stablecoins, and restricts the unauthorized use of stablecoins by issuers and users alike.
Senator Gillibrand emphasized the importance of this regulatory framework, stating, “Establishing regulations for stablecoins is crucial for preserving the dominance of the U.S. dollar, fostering responsible innovation, protecting consumers, and addressing money laundering and other illicit financial activities.”
The impact of this emerging stablecoin regulation on Tether and Telegram’s initiatives to expand the use of peer-to-peer payment systems remains uncertain.
