Transak, a top-notch fiat-to-crypto platform, just announced that USDT is now available on The Open Network (TON) blockchain. This exciting development is the result of a major collaboration between the TON Foundation and Tether, which was revealed on April 19, 2024, at TOKEN2049 in Dubai.
Over 5 million Transak users in more than 160 countries can instantly access USDT on TON. This means that any of the 350+ decentralized apps (dApps) using Transak can offer their users the option to buy USDT with fiat, making peer-to-peer (P2P) payments smoother than ever.
This move boosts cryptocurrency accessibility significantly. With TON’s scalability, Telegram’s massive user base of 900 million, and Transak’s easy Web3 onboarding, this partnership aims to deliver a seamless, borderless P2P payment experience using USDT.
Sami Start, Transak’s CEO & Co-Founder, expressed his excitement: “Transak has always been a proponent of responsible financial freedom and self-custody of digital assets. Hence, we are delighted to play a meaningful role in enabling millions to access USDT on TON through our platform.”
As the most widely used stablecoin, Tether’s integration into TON could greatly enhance its reach and functionality. USDT will be integrated into Telegram’s built-in wallet, competing with on-and-off-ramps and simplifying Web3 transactions for millions. USDT on TON is also supported by other popular wallets like Tonkeeper and Trust Wallet.
Using Telegram Wallet, users can enjoy instant, fee-free USDT transfers with their contacts worldwide. This development is perhaps the closest to achieving Satoshi Nakamoto’s vision of a purely peer-to-peer electronic cash system.
To promote the widespread adoption of USDT, the TON Foundation has committed 11 million Toncoin (about $72 million) to various initiatives. These include rewards within the Telegram Wallet, incentives for liquidity providers on TON Decentralized Exchanges, and zero-fee USDT withdrawals on major centralized exchanges.
Also Read: Tether Partners With Oobit and TON for Crypto Payments
