Telegram just upped the game for nearly 900 million users by integrating the ability to send USDt, a stablecoin managed by Tether, directly on their platform via The Open Network (TON). This big move happened last Friday, marking a big change in how users can manage and transfer cryptocurrencies effortlessly through the app.
The New Features
Forget about fees when sending USDt because Telegram has made these transfers completely free. This update includes zero charges on transactions within Telegram and withdrawals to external TON wallets, which stays in effect until the end of June 2024. Imagine transferring money across borders without worrying about extra costs—that’s now a reality for every Telegram user with access to their Wallet.
Security isn’t taking a backseat either. Telegram is introducing a Passcode feature soon. This means before any transaction gets the green light, you’ll need to punch in a Passcode. What’s more, this Passcode is encrypted and stored right on your device, not floating in the cloud. They’re even making it slick with Face ID and Touch ID compatibility.
Now, sending tokens and NFTs is as simple as sending a text message. Directly from TON Space, users can zap these assets to any contact without hassling with blockchain addresses or extra apps.
Expanding Global Reach with TON
At the TOKEN2049 event in Dubai, big names like Pavel Durov of Telegram, Paolo Ardoino of Tether, and Andrew Rogozov of the TON Foundation, dropped a major announcement. They’ve launched USDt on TON, aiming to revolutionize peer-to-peer payments globally. This integration means instant and free USDt transfers between users. Just send a DM, no blockchain address needed.
USDt is pegged one-to-one with the USD and is fully backed by Tether’s reserves. It stands out for its stability compared to other cryptocurrencies. With this move, USDt on TON is set to simplify daily transactions and cross-border payments significantly.
They’re not stopping there. The team has planned for fully integrated on-ramps for most global fiat currencies at launch, with plans to roll out off-ramps that will allow users to withdraw directly to bank accounts or cards soon. The goal is clear: make USDt on TON a superior option for fast, easy, and cheaper cross-border payments than traditional financial systems.
Boosts and Incentives Galore
The TON Foundation isn’t shy about pushing this new feature. They’ve thrown in a massive 11 million Toncoin to get people started. Here’s the breakdown: 5 million Toncoin goes to boosting USDt/TON liquidity pools at TON DEXes like @ston_fi and DeDust.
Another 5 million will reward users who hop into the Wallet’s Earn campaign with USDt. Plus, they’re making withdrawals to TON from all supporting exchanges like OKX, Bybit, MEXC, and KuCoin completely free till June 2024.
But there’s a catch. These incentives won’t last forever. Once they’re gone, they’re gone. So, Telegram is essentially telling everyone to get in quick and start transacting.
This integration does more than just allow for easy money moves. It’s part of a broader mission to embed crypto deeply into daily life, seamlessly and without fuss. It’s a big jump towards making cryptocurrencies a regular part of our financial toolkit, accessible right from our Telegram chats.
Telegram and TON are laying out the welcome mat for millions into Web3, making it not just about investment but a real part of how we handle money every day.
