Tether, the entity behind the widely-used stablecoin USDT, has recently extended its presence by injecting $60 million worth of the digital currency into The Open Network (TON). Alongside this move, Tether plans to introduce Tether Gold (XAUT), a stablecoin pegged to gold, on the same network, enabling its use for transactions within the Telegram messaging service.

This integration of USDT with Telegram represents an endeavor to integrate further with platforms supporting decentralized applications. At the Token2049 crypto event in Dubai, Tether CEO Paolo Ardoino and Telegram founder Pavel Durov unveiled the launch of USDT stablecoin on The Open Network (TON), underlining Tether's commitment to fostering an open, decentralized internet and facilitating a borderless financial system.

In addition to launching USDT on TON, Tether announced a significant restructuring plan, introducing four new business divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. Paolo Ardoino emphasized that both TON and Tether are dedicated to promoting seamless value transfer, enhancing activity and liquidity, and offering users a financial experience akin to that of the traditional financial system.

The integration of Tether's USDT into The Open Network (TON) not only signifies its expansion across various blockchain platforms, totaling 15 to date, including prominent chains like Tron and Ethereum, but also represents a vital milestone for the TON network itself. TON's native token, Toncoin, has recently surged, surpassing Dogecoin and claiming the ninth spot in cryptocurrency market capitalization as of April 16.

With TON blockchain's affiliation with Telegram, USDT and XAUT on TON have the potential to provide a straightforward, borderless experience for peer-to-peer payments, catering to Telegram's vast user base estimated at over 900 million global users.

The integration of USDT with The Open Network (TON) extends beyond its recent launch. Since at least 2023, USDT has been a standard cryptocurrency offered on Wallet, a third-party platform accessible to Telegram users. Wallet supports various cryptocurrencies, including Bitcoin and Toncoin. Notably, within Wallet, the Tron network serves as the default blockchain for USDT transactions, utilizing the TRC-20 token standard. This multi-blockchain approach aims to enhance accessibility and functionality for Tether users.

While Meta and Coinbase have made strides in incorporating cryptocurrency payments into messaging platforms, with Meta's Novi digital wallet integrating with WhatsApp in 2018 and Coinbase updating its Wallet service for messaging app compatibility, other major messaging platforms like LINE and Kakao are still exploring financial services. However, emerging platforms like TokLok are embracing cryptocurrency payments as a core feature, indicating a growing trend among newer, more decentralized platforms.

At the time of the announcement, the Tron blockchain holds the largest share of issued USDT, reaffirming its dominance in the stablecoin market. Furthermore, Tether's launch of a recovery tool in March 2024 coincided with USDT's market cap reaching an all-time high of $100 billion on March 4, underlining its significance in the cryptocurrency landscape.