Telegram, with its 900 million users, is integrating mini-apps and the Tether stablecoin (USDT), allowing for seamless peer-to-peer interactions. This move will introduce many users to cryptocurrency without them even realizing it.
According to Justin Hyun, the director of investments at the TON Foundation, developers will also benefit from this integration as they can now launch ecommerce, paywalled content, games, and other business activities on the TON blockchain more easily. Hyun spoke about this at the Token2049 conference in Dubai, where he also mentioned the ongoing rollout of Telegram’s TON-based wallet.
The introduction of Tether on TON opens up opportunities for the creator economy that is already thriving on Telegram. Users no longer need to acquire different types of cryptocurrencies or tokens, which eliminates a significant barrier. As a result, products and services will be available without the need to download external apps. Hyun used the example of the Catizen game, which gained 2 million users in just two months after switching to TON from a different blockchain. This was a significant increase compared to the previous year and a half, during which they only gained 600,000 users.
Hyun also highlighted the limitations of other social media platforms, such as WeChat in China, Line in Japan, and KakaoTalk in South Korea, which are highly regionalized. TON’s global reach, combined with the native support for USDT, eliminates the need for local payment gateways. Furthermore, Tether allows Telegram to bypass payment restrictions imposed by Google and Apple.
According to Hyun, the integration of Tether brings TON back to its original vision, which was hindered by the inability to hold an initial coin offering in 2020 due to the opposition of the United States Securities and Exchange Commission. However, open-source developers took over the project and established the TON Foundation in 2021.
In conclusion, Telegram’s integration of mini-apps and Tether will revolutionize peer-to-peer interactions on the platform, while also benefiting developers and bringing TON closer to its original vision. The global reach of TON, combined with the support for USDT, eliminates barriers and opens up new opportunities for the creator economy.