May 15, 2024
CryptoChill, the customizable and scalable crypto payment gateway, can now process Tether (USDT) transactions on The Open Network (TON) blockchain platform.
This significant technical update also gives CryptoChill the capacity to support any type of jetton on request. A jetton is TON’s native format for custom fungible tokens.
Tether, a stablecoin designed to mirror the value of the US dollar, provides a stable currency option for transactions, countering the volatility often associated with cryptocurrencies. It has emerged as the most successful stablecoin, with a daily trading volume in excess of Bitcoin.
Already operating on multiple blockchains, Tether was added to TON last month, with a rapid uptake from users helping push the net value of Tether in circulation to over $110 billion.
CryptoChill previously supported Tether transactions on several networks including Tron and Ethereum. Its integration of Tether payments on TON follows its recent addition of payments in Toncoin, TON’s native cryptocurrency.
What does the TON-Tether collaboration mean for crypto payments?
The launch of Tether on TON was a welcome announcement at TOKEN2049 Dubai last month. TON has gained attention due to its integration with the popular messaging app Telegram. With the addition of Tether, Telegram users can now send and receive USDT, or ‘digital dollars,’ directly through the app.
For the crypto ecosystem, the integration of a widely recognized fiat-collateralized stablecoin like Tether with a next-gen blockchain network like TON indicates a maturing market. It reflects a shift towards more secure, stable, and user-friendly crypto transactions, appealing to both seasoned crypto enthusiasts and novices alike.
Businesses can now add crypto payment services with greater confidence, given Tether’s reduced volatility risk and the broadening user base enabled by Telegram’s massive reach – it has over 900 million users worldwide. Companies have an opportunity to engage with a global audience, simplifying cross-border transactions and reducing the barriers associated with traditional banking systems.
The availability of jettons on TON also provides a layer of customization and flexibility for businesses and developers. Enterprises can mint their own branded tokens on TON, enhancing customer loyalty programs or creating bespoke transaction ecosystems. The potential for innovation in how companies transact and engage with customers is significantly expanded.
CryptoChill's support for USDT on TON aligns with evolving trends in digital transactions towards accessibility, stability, and integration. As blockchain technology develops and the digital economy grows, the addition of stablecoins like Tether to versatile, progressive platforms like TON and Telegram could very well set the new standard for financial transactions.
