Telegram to Launch USDT Payment Feature via Telegram Wallet and the Open Network

The encrypted messaging service Telegram has partnered with Tether, allowing users to send USDT payments via The Open Network (TON) and the Telegram wallet, as officially revealed by the founders of both companies on Friday at Token2049 in Dubai.

USDT Payments on Telegram Through The Open Network and Telegram Wallet

As per the official statement, Telegram users can now acquire USDT and transfer the stablecoin to others using TON, an autonomous blockchain network that was previously created by the messaging platform.

With a global user base surpassing 900 million, this integration has the potential to significantly enhance the adoption of the stablecoin.

We are making history!
TON + Telegram + Tether pic.twitter.com/VXz4vljUHt

— andrew.ton (@rogozov) April 19, 2024

“We’re thrilled to introduce USDT to The Open Network as we endorse its vision for an open and decentralized internet along with a borderless financial system,” stated Paolo Ardoino, CEO of Tether. “The introduction of USDT on TON will facilitate effortless value transfers globally in a user-friendly manner that can compete with traditional financial systems.”

Tether Initiates Major Restructuring

The announcement of this collaboration coincides with significant restructuring at Tether, which revealed four new business divisions aimed at sustainability, data, finance, and education yesterday.

Tether Advances Beyond Stablecoins, Introduces New Framework Embracing Core Divisions to Foster Resilient, Future-Ready Financial Systems

Read more: https://t.co/O9ljdyaHw4

— Tether (@Tether_to) April 18, 2024

“Tether’s growth beyond its well-known USDT stablecoin marks a significant shift in its strategy towards financial empowerment,” a statement from Tether on Thursday noted.

“By concentrating on sustainable solutions that cater to the needs of individuals, communities, cities, and nations, responsible Bitcoin mining, Artificial Intelligence infrastructure, and decentralized communication platforms,” the company added, “Tether is actively working towards a resilient financial and technological ecosystem.”

Expanding beyond the company’s primary stablecoin could represent a promising long-term strategy, especially in light of recent efforts by U.S. lawmakers to advance legislation concerning stablecoins.

On Wednesday, representatives Cynthia Lummis and Kirsten Gillibrand presented the Lummis-Gillibrand Payment Stablecoin Act of 2024. This act aims to create regulatory frameworks for stablecoin issuers at both federal and state levels.

@gillibrandny and I are introducing the most comprehensive stablecoin bill to date.

Crypto assets are revolutionizing the world and as the undisputed leader in financial innovation, the U.S. must embrace crypto assets, but it cannot be done without clear rules for stablecoins. pic.twitter.com/vwRUEBUdsl

— Senator Cynthia Lummis (@SenLummis) April 17, 2024

The proposed legislation would mandate that stablecoin issuers maintain one-to-one reserves, ban unbacked algorithmic stablecoins, and restrict unauthorized usage of stablecoins by both issuers and users.

“Establishing a regulatory framework for stablecoins is essential for preserving the U.S. dollar’s supremacy, fostering responsible innovation, safeguarding consumers, and combating money laundering and illicit finance,” remarked Senator Gillibrand.

It remains uncertain how forthcoming stablecoin regulations might influence Tether and Telegram’s initiatives for broader public utilization of peer-to-peer payment systems.

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