USDt on TON: Streamlining Peer-to-Peer Crypto Transactions

Stablecoins play a pivotal role in the digital economy, offering a bridge between traditional fiat currencies and the volatile world of cryptocurrencies. Tether (USDt), the foremost stablecoin by volume and usage, has expanded its reach by launching on The Open Network (TON), a significant move that integrates with Telegram to streamline peer-to-peer crypto transactions.

In this article, we’ll explore USDt’s launch on TON, the advantages of USDt being on TON, how this launch benefits the ecosystem, and the ongoing Bybit x TON campaigns that you can participate in.

Key Takeaways:

• USDt's launch on TON leverages Telegram's massive user base for enhanced peer-to-peer payment efficiency.

• The integration introduces a stable and cost-effective transaction method over TON's blockchain, tailored for Telegram's 900 million monthly active users.

• To celebrate the launch of USDt on TON, Bybit is holding two exclusive events where you can earn a share of the total 120,000 USDt prize pool.

What Is USDt?

Tether, widely recognized by its symbol, USDt, holds the title of most heavily utilized stablecoin in the cryptocurrency market. It boasts an impressive daily transaction volume that has exceeded $85 billion and maintains a total market capitalization of over $106 billion. Each USDt token is directly pegged to the U.S. dollar at a 1:1 basis and is fully backed by Tether’s reserves, ensuring its stable value. 

This stability is critical, distinguishing USDt from more volatile cryptocurrencies and making it indispensable for daily transactions, trading, remittances and safeguarding assets against the fluctuations common in the digital currency market. The inherent stability of USDt renders it a preferred medium for various financial activities, including exchange platforms, decentralized finance (DeFi) and peer-to-peer transactions.

Previously, USDt lacked a distribution platform that could truly simplify and globalize payments for a wide audience. Its recent integration with TON addresses this void by offering an easy-to-navigate, globally accessible payments experience with the potential to reach millions.

What Is TON?

The Open Network, a blockchain network designed for speed and scalability, is deeply integrated with Telegram, a popular messaging platform. This integration enables TON’s blockchain to leverage Telegram's extensive user base, providing a seamless and intuitive user experience for cryptocurrency transactions directly within the messaging app.

The Launch of USDt on TON

The launch of USDt on TON, announced in April 2024, provides 900 million monthly active Telegram users with a fresh web3 experience, enabling peer-to-peer payments on a global scale. TON Foundation views this as a pivotal advancement in leveraging digital currencies for everyday use worldwide. In collaboration with Tether, TON is set to simplify one of the most common financial activities—peer-to-peer payments—making them as straightforward as sending a message, with no intermediaries, borders or limitations.

Paolo Ardoino, CEO of Tether, has expressed enthusiasm about this initiative, highlighting its alignment with TON's vision for an open, decentralized internet and a borderless financial ecosystem. According to Ardoino, the integration of USDt with TON will facilitate seamless global transactions, offering an experience that rivals traditional financial systems and supports the broader mission of enhancing financial infrastructure across the blockchain domain.

This strategic move is integral to TON's broader mission of embedding cryptocurrency use into everyday life and making digital assets accessible right from Telegram, thus potentially onboarding hundreds of millions into the web3 ecosystem. This represents a significant step toward actual use cases of cryptocurrency that hold the promise of widespread adoption.

11 Million Toncoin in USDt Launch Incentives

To mark this significant launch of this initiative, substantial incentives have been designed to attract early adopters. A total of 11 million Toncoins have been allocated as incentives, including: 

• 5 million Toncoins to support USDt deposits to the Wallet in Telegram Earn feature

• 5 million Toncoins to boost liquidity in TON's largest decentralized exchanges (DEXs)

• 1.2 million Toncoins to cover free withdrawals from TON's main CEX partners 

These incentives are time-sensitive, which underscores the launch's unique appeal and potential impact.

Note, however, that the availability of USDt on TON is restricted in certain regions, including the mainland U.S. and its territories, as well as for U.S. citizens and in prohibited countries as defined under Tether’s Terms of Service, due to regulatory considerations.

Advantages of USDt on TON

The deployment of USDt on TON heralds a new era in digital finance, leveraging the network's superior efficiency, scalability and security features. Combined with the expansive reach of Telegram, the platform sets an ideal stage for enhancing USDt’s accessibility and utility.

Following are the main advantages of USDt on TON.

• Seamless Telegram Integration: By integrating USDt directly within Telegram, TON enhances the usability of its blockchain for conducting USDt transactions. This seamless integration simplifies the user experience significantly, making DeFi more straightforward and accessible to everyday users of the messaging app.

• Reduced Transaction Costs:TON is recognized for its cost-efficiency among Layer 1 blockchains. With the optimization of Tether’s smart contract, transaction costs for USDt have been significantly reduced. This optimization ensures that transfers involving USDt are both economical and efficient, with a fixed standard transaction costing 0.0145 Toncoin (about $0.10).

• Enhanced Speed and Scalability:The architecture of TON is tailored for high-volume, high-speed transactions, which supports the rapid processing of USDt transactions. This capability ensures that TON can handle a large scale of operations without compromising on speed, making it an ideal platform for USDt’s widespread adoption.

• Instant and No-Cost Transfers via Telegram: The TON-based wallet seamlessly integrates into Telegram, enabling users to send USDt instantly and without any fees to Telegram contacts globally, which promotes an effortless transfer experience.

• Robust On-Ramps and Off-Ramps: At launch, the platform includes exchanges and built-in on-ramps, such as bank transfers, card payments and P2P. Off-ramps are also planned to facilitate global entry and exit from the cryptocurrency market on TON and Telegram, positioning it as an essential gateway for Telegram users into the web3 space.

• Facilitating a Borderless Financial Ecosystem: This integration embodies the vision of a decentralized, peer-to-peer financial system without intermediaries, aligning with the original aspirations of cryptocurrency's founders.

These features embody the vision of a decentralized, peer-to-peer financial system without intermediaries, aligning with Bitcoin creator Satoshi Nakamoto’s vision of “a purely peer-to-peer electronic cash without an intermediary.”

How Does USDt on TON Benefit the TON Ecosystem?

Integrating USDt with TON and its native Wallet in Telegram significantly enhances the user experience for the TON community. This integration allows USDt to operate as a native stablecoin within the TON ecosystem, enabling users to send USDt to anyone globally through Telegram at no cost. Unlike other on-chain wallets that might involve additional fees, transactions within the TON ecosystem are free of hidden charges, with users only responsible for nominal network fees. Soon, they’ll also have the option to cover on-chain gas fees using USDt-TON, further streamlining the process.

This development is particularly advantageous for those new to cryptocurrencies. USDt on TON serves as a welcoming gateway, merging the benefits of digital currencies with the stability of traditional fiat currencies. This blend significantly simplifies the crypto experience, providing newcomers with a stable and secure platform to explore DeFi on Telegram and broaden their understanding of the digital economy. 

Additionally, this integration not only enhances usability but also fosters inclusivity, making digital currencies more accessible and functional for a global audience.

Ongoing Bybit Campaigns

To celebrate the launch of USDt on TON, Bybit is holding two exclusive events where you can earn a share of the total 120,000 USDt prize pool! The events are being held from Apr 29, 2024, 10AM UTC through Jun 23, 2024, 11:59PM UTC.

Event 1: Learn & Earn: TON Airdrop of 80,000 USDt

Grab a share of the 80,000 USDt prize pool by following the four simple steps below:

1. Register for the Learn & Earn event.

2. Read this article.

3. Answer the questions found here.

4. Trade at least $100 worth of TON during the event period.

All eligible participants will split an equal share of the prize pool, capped at 3 Toncoin per user,

Event 2: Refer & Earn: Invite New Users, Unlock 40,000 USDt in TON Rewards

Interested in learning more? Simply invite new users to join Bybit and participate in the first event. Both you and your qualified referee will receive 0.3 Toncoin each.

Please take note that rewards will be distributed on a first-come, first-served basis.

Closing Thoughts

The launch of USDt on TON is more than just a technical integration: it’s a strategic expansion that could redefine global digital payments. By combining TON's advanced blockchain technology with Telegram's widespread adoption, Tether has positioned USDt to significantly influence the future landscape of DeFi and peer-to-peer payments.

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