Giant Crypto Company Chose That Altcoin: How Did the Price React?

Giant Crypto Company Chose That Altcoin: How Did the Price React?
Giant Crypto Company Chose That Altcoin: How Did the Price React?

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The Bitcoin and altcoin world witnessed a significant development today. Tether, issuer of leading stablecoin USDT (market cap: $108 billion), announced its expansion to Telegram’s Open Network (TON). This strategic move promises to revolutionize peer-to-peer (P2P) payments within Telegram’s massive ecosystem of over 900 million monthly active users and seamlessly integrate financial services into their daily interactions.

Tether chose network behind altcoin TON

The announcement, made by Tether CEO Paolo Ardoino at the Token2049 event in Dubai, marks a major step forward for both companies. Telegram, a messaging app known for its focus on privacy, recently adopted TON, a blockchain platform developed by Telegram but now operates independently. This shift is further emphasized by Telegram’s decision to integrate TON’s native token, Toncoin, into its ad buying and revenue sharing programs and move away from its previous dependence on the euro.

Telegram’s founder, Pavel Durov, emphasized in his speech at Token2049 that the platform’s leadership in blockchain integration continues. From pioneering tokenized usernames to developing innovative user monetization strategies through blockchain applications, Telegram is clearly at the forefront of this technological revolution.

$10 million USDT on TON blockchain: First step

Tether’s first step into TON looks promising. Transparency reports reveal $10 million USDT authorization on the TON blockchain, $3 million of which has already been issued. This means a strong start for integration. Ardoino said:

We are excited to bring USDT and XAUT (Tether Gold, a stablecoin pegged to gold) to The Open Network because we support the vision of an open and decentralized internet and a borderless financial system. The launch will enable seamless value transfer, increased activity and liquidity, while providing users with a financial experience that rivals traditional financial systems.

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Following Tether’s announcement, fiat on-ramp provider Ramp Network announced plans to enable the purchase and withdrawal of USDT directly via TON. This move will significantly facilitate access to cryptocurrencies for new users and potentially enrich the TON ecosystem with a larger user base and increased transaction volume. “Crypto transactions should be as simple as texting,” Ramp CEO Szymon Sypniewicz said, pointing to the future direction of crypto transactions on the Telegram platform.

Market reaction for TON

The anticipation surrounding Tether’s announcement clearly impacted the market. Yesterday, Toncoin witnessed a significant price increase, exceeding 14.8% in a 24-hour window and peaking at around $7.15, but later experienced fluctuations due to broader market dynamics. Additionally, transaction volume increased by more than 90%.

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Giant Crypto Company Chose That Altcoin: How Did the Price React?