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Telegram and Tether Collaboration for USDT Payments
Encrypted messaging platform Telegram and Tether have partnered to enable users to make USDT payments through The Open Network (TON) and the Telegram wallet. This collaboration was officially announced by the companies’ founders at Token2049 in Dubai.
USDT Payments on Telegram via The Open Network and Telegram Wallet
Telegram users can now purchase USDT and send the stablecoin to others through TON, an independent blockchain network developed by the messaging app. With a global user base exceeding 900 million, this integration has the potential to drive significant adoption of the stablecoin.
“We’re excited to bring USDT to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system,” said Paolo Ardoino, CEO at Tether. “The launch of USDT on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system.”
Tether’s Restructuring and Expansion
News of the collaboration comes amidst massive restructuring for Tether, with the introduction of four new business divisions focused on sustainability, data, finance, and education. This move signifies a paradigm shift in Tether’s approach to financial empowerment.
“By focusing on sustainable solutions adaptive to the needs of individuals, communities, cities, and countries, Tether is actively contributing to a future-proof financial and tech ecosystem,” the company stated.
Regulatory Landscape for Stablecoins
Recent efforts by U.S. lawmakers to advance legislation related to stablecoins include the introduction of the Lummis-Gillibrand Payment Stablecoin Act of 2024. This act seeks to establish regulatory frameworks for stablecoin issuers at federal and state levels.
The proposed act would require stablecoin issuers to maintain one-to-one reserves, prohibit unbacked algorithmic stablecoins, and prevent unauthorized use of stablecoins by both issuers and users.
“Passing a regulatory framework for stablecoins is absolutely critical to maintaining the U.S. dollar’s dominance, promoting responsible innovation, protecting consumers, and cracking down on money laundering and illicit finance,” said Senator Gillibrand.
It remains to be seen how emerging stablecoin regulation could impact Tether and Telegram’s plans for increased public use of peer-to-peer payment systems.
