Telegram and Tether have recently made an announcement at Token2049 in Dubai, revealing a partnership that will allow users to send USDT payments through The Open Network (TON) and the Telegram wallet. With a user base of over 900 million globally, this integration is expected to boost the adoption of the stablecoin. Tether CEO Paolo Ardoino expressed excitement about the collaboration, stating that it aligns with Tether’s vision of an open and decentralized internet and a borderless financial system. This move comes at a time when Tether is undergoing a massive restructuring, introducing four new business divisions focusing on sustainability, data, finance, and education.
Tether’s expansion beyond its flagship USDT stablecoin signals a shift in its approach to financial empowerment, as the company aims to create sustainable solutions adaptable to the needs of individuals, communities, and countries. By delving into responsible Bitcoin mining, Artificial Intelligence infrastructure, and decentralized communication platforms, Tether is positioning itself as a key player in shaping a future-proof financial and tech ecosystem. This strategy may prove to be crucial in light of recent legislative efforts aimed at regulating stablecoins in the United States. Representatives Cynthia Lummis and Kirsten Gillibrand introduced the Lummis-Gillibrand Payment Stablecoin Act of 2024, which seeks to establish regulatory frameworks for stablecoin issuers at both federal and state levels.
The proposed act would mandate stablecoin issuers to maintain one-to-one reserves, prohibit unbacked algorithmic stablecoins, and prevent unauthorized use of stablecoins by issuers and users. Senator Gillibrand emphasized the importance of passing a regulatory framework for stablecoins to maintain the dominance of the U.S. dollar, promote responsible innovation, protect consumers, and combat money laundering and illicit finance. The potential impact of emerging stablecoin regulations on Tether and Telegram’s plans for enhancing public use of peer-to-peer payment systems remains to be seen. With Tether forging ahead with its new business divisions and partnerships, the company appears to be positioning itself for sustained growth and resilience in the evolving financial landscape.
The collaboration between Telegram, Tether, and The Open Network marks a significant milestone in the world of decentralized finance, as users can now easily purchase USDT and send the stablecoin to others through an independent blockchain network. Tether CEO Paolo Ardoino expressed enthusiasm about the integration, highlighting the seamless value transfer that users can experience with USDT on TON. This partnership also underscores Telegram’s commitment to fostering an open and decentralized internet, aligning with the ethos of blockchain technology and digital currencies. As the adoption of stablecoins continues to grow, this collaboration has the potential to expand the reach of USDT and drive innovation in peer-to-peer payment solutions.
