The Open Network (TON) is a global, decentralized blockchain community that is building the Web3 ecosystem on Telegram. The TON Ecosystem was designed to unite all blockchains and the Web2 internet. Recently, the network entered into a strategic collaboration with Tether to launch USDt on TON, the newest stablecoin launched natively on TON.
What is USDt in TON? The New TON Stablecoin
USDt on TON is a stablecoin launched by Tether and The Open Network in April 2024. USDt is the most widely used stablecoin in the world and plays an important role in the cryptocurrency industry, providing users with a stable and reliable digital currency pegged to the dollar American. The integration of USDt into TON in the Telegram app marks the first time a stablecoin has been distributed directly to the messaging app’s user base at scale.
Users can now send USDt in TON instantly and fee-free to their Telegram contacts anywhere in the world, a significant milestone towards achieving the vision of Satoshi Nakamoto of a “purely peer-to-peer electronic money system without an intermediary. The implementation of built-in on-ramps at launch makes the experience of using USDt on TON even more user-friendly, allowing for quick and easy purchases of the stablecoin. The off-ramps, which will be available soon, will ensure that users can easily and quickly convert their digital currency into traditional fiat, further increasing the liquidity and practical utility of USDt in TON.
USDt on TON has been supported by major exchanges such as OKX and Bybit, as well as several cryptocurrency wallets such as Wallet in Telegram, Tonkeeper and TrustWallet since its launch. Analysis tools blockchain like Elliptic also support it, which significantly increases the security and transparency of transactions.
The TON Foundation has implemented several methods to accelerate the adoption of USDt on TON: a $30 million Wallet Earn initiative that rewards users with Toncoin for depositing their USDt on TON in Wallet, $30 million in boosted liquidity provider rewards for USDt-TON pools on TON DEXs such as Ston.fi and DeDust, and free USDt to TON withdrawals on major centralized exchanges.
USDt on TON represents a significant step towards the wider adoption of cryptocurrencies and the realization of Satoshi Nakamoto’s vision of a decentralized, intermediary-free financial system.
TON Blockchain: The Backbone of the TON Ecosystem
The TON Blockchain is the original piece that serves as the backbone of the ecosystem. It is a scalable and versatile layer-1 blockchain built to support a wide range of applications, from simple transactions to complex decentralized applications (dApps), without sacrificing security or decentralization. Additionally, TON uses dynamic sharding and a unique “workchains” concept to process transactions and smart contracts at incredibly high speeds, minimizing latency and maximizing efficiency.
TON Blockchain uses a proof-of-stake (PoS) consensus mechanism, which is much more environmentally friendly than a proof-of-work algorithm and encourages community participation through staking and governance.
TON’s infrastructure includes features such as TON Storage, a decentralized file storage system that seamlessly interacts with the blockchain, and TON Sites, decentralized services hosted directly on the network.
What are Workchains?
TON Blockchain’s unique “workchains” allow it to handle a wide range of applications with exceptional efficiency and minimal latency. Workchains are essentially parallel blockchains that operate under the TON umbrella, each tailored to specific needs and functionality. This division allows the TON network to expand dynamically, accommodating an increase in demand by distributing the load across multiple chains. Workchains increase the overall throughput of the network, allowing it to process thousands of transactions and smart contracts simultaneously without compromising system speed or reliability.
Workchains not only increase the capacity of the TON Blockchain, but also help it maintain high standards of security and decentralization, which is crucial for a layer-1 blockchain. The implementation of workchains supports the deployment of complex decentralized applications (dApps) and routine transactions. Furthermore, by segmenting the network into different chains, TON ensures that activities within one chain do not overload or interfere with the functionalities of others, thus maintaining optimal performance across the entire ecosystem.
Toncoin
Toncoin is the native cryptocurrency of TON Blockchain and plays a crucial role in the network’s operations, including transaction fees, staking, and decentralized governance. Currency is fundamental to maintaining the stability of the network and supporting its functions.
To expand the TON ecosystem and Toncoin adoption, the TON Foundation announced a $115 million incentive program called The Open League: Season 1, which will distribute tens of millions for LP boosts, airdrops, quests and other incentives.
TON wallets
The TON ecosystem supports various cryptocurrency storage solutions designed to meet different user needs. The most notable is Telegram Wallet, which, as the name suggests, is integrated with Telegram Messenger. It offers users a frictionless way to manage and transact in Toncoin and now USDt in TON.
Other prominent wallets, such as Tonkeeper and TrustWallet, provide additional functionality and security features for more advanced users, supporting a wide range of activities within the TON ecosystem.
Telegram
Telegram is a messaging app with over 900 million users and an integrated payment system. Without a doubt, it is one of the most important elements of the TON ecosystem. The app’s user-friendly interface and widespread popularity make it an ideal means of simplifying the digital currency transaction experience. Thus, Telegram is a great platform to introduce cryptocurrencies to a global audience.
The Future of TON
With access to over 900 million Telegram users and major players in the cryptocurrency industry, as well as a clear vision for mass adoption, the TON ecosystem is uniquely positioned to lead the charge towards a more interconnected global financial system and efficient.
The introduction of USDt on TON represents a significant step towards the wider adoption of cryptocurrencies. By incorporating USDt into TON in Telegram, TON not only expands the usefulness and reach of stablecoins, but also pioneers new methods for integrating digital currency into everyday life. Furthermore, this integration enhances the functionality of TON Blockchain and establishes it as a key player in driving a more interconnected and financially inclusive world.
It is important to note that the information provided in this article is solely the opinion of the author and should not be considered investment or trading recommendations. The cryptocurrency market is highly volatile and can undergo arbitrary movements. Any investor, trader or regular user of cryptocurrencies should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
However, with TON’s clear vision to lead the mass adoption and integration of USDt into TON, the future looks bright for the TON ecosystem. TON Blockchain has the potential to become one of the world’s leading cryptocurrency platforms and play an important role in building a more inclusive and interconnected global financial system.
