Tether’s transparency page became active with the announcement of the news. The page shows that $10 million worth of USDT has been authorized on the TON blockchain, of which $3 million has already been issued. According to a statement made at the Dubai 2049 conference, the aim of this move is to expand the use cases of USDT and XAUT for “unlimited, peer-to-peer payments” among Telegram’s approximately 900 million users.

The benefits of expansion will not end there. The TON ecosystem will also benefit significantly from this move. Users will be able to use stable cryptocurrencies such as USDT and XAUT in decentralized finance (DeFi) applications. This may lead to further revitalization of the TON ecosystem and increased attractiveness.

Tether CEO Paolo Ardoino made the following statements in the statement on the subject: “The launch of USDT and XAUT to TON will allow seamless value transfer. In this way, while user activity and liquidity will increase, a financial experience equivalent to the experience in the traditional financial system will be offered. “This move supports our mission to strengthen open financial infrastructure in the blockchain space.”

So, what exactly is The Open Network (TON)? TON is a layer-1 blockchain network that was originally launched by Telegram but the company stopped developing it due to regulatory concerns. Following the company’s withdrawal, TON continues to operate independently. Thanks to the incentives to include Telegram users in the system, the TON ecosystem has been experiencing rapid growth recently. Blockchain data provided by Tonstat shows that the number of monthly active addresses has now exceeded 1.7 million, up from less than 100,000 six months ago. This massive increase is an indication that TON is increasingly adopted among Telegram users.

However, Telegram recently removed the use of the euro in payments for its advertising platform and switched to the network’s native token, toncoin (TON). This decision aims to increase the usage areas of TON and accelerate its adoption. The price of the TON token was also positively affected by these developments. It has tripled its price since the beginning of the year, rising 18% in the last 24 hours. Currently, TON’s market value hovers around $25 billion.

Telegram’s cryptocurrency wallet supports various blockchains for deposits and withdrawals. However, “transaction fees on TON have been significantly reduced to encourage TON,” Halil Mirakhmed, Wallet in Telegram’s chief operating officer, told CoinDesk. Mirakhmed further added, “Within the Ton Space ecosystem, USDT is only available on TON, which simplifies the user experience for those investing in the TON ecosystem.”

As a result, Tether’s move to the TON blockchain is considered an important step for the cryptocurrency market and Telegram users. This decision has the potential to revitalize the TON ecosystem while expanding the usage areas of USDT and XAUT. This move, which offers new opportunities for Telegram users to make unlimited payments, may go down in history as one of the important developments that shape the future of the cryptocurrency market.