According to PANews, Tether, a stablecoin issuer, has partnered with the TON Foundation to allow customers to send encrypted payments using Telegram's instant messaging service. This was revealed by Tether's CEO, Paolo Ardoino, during an interview at the Token2049 crypto conference held in Dubai on Friday. Ardoino stated that they could create the first truly powerful application that can serve as both a communication system and a bank account.
Ardoino further disclosed that Tether closely collaborates with 124 law enforcement agencies from 40 different countries and complies with the sanction rules of the Office of Foreign Assets Control. The company has the capability to freeze assets when required by law enforcement agencies. Since its establishment in 2014, Tether has cooperated with law enforcement departments and frozen $1.1 billion in funds. The company now releases proof of assets supporting its reserves every quarter, with over $90 billion in US Treasury bonds backing USDT. The stablecoin's circulating supply coverage rate is 106%. The company made a profit of $6 billion last year, of which $5 billion was used for its reserves, as the company prioritizes redeemability.
Steve Yun, Chairman of the TON Foundation, expressed his desire to introduce more of Telegram's 900 million users to the TON blockchain and crypto wallet during an interview at the conference. He stated that many users are looking for simple and effective remittance methods, and there is a huge demand for storing wealth in dollars in emerging markets.
Earlier, Tether's CEO announced that USDT would be launched on the TON network on April 20, and XAUT would be launched on the TON network in the coming months.
