Telegram Wallet Removes USDT Withdrawal Fees on TON Network

Apr. 21, 2024
Telegram Wallet Removes USDT Withdrawal Fees on TON Network

Telegram Wallet announced that it is removing the fee for USDt withdrawals to external wallets on the TON network. Additionally, the TON Foundation has allocated 11 million Toncoins to incentivize the adoption of USDT.

On April 19th, Telegram Wallet introduced the withdrawal of USDT on the TON network from all supported exchanges such as OKX, Bybit, MEXC, and KuCoin. This service will be completely free of charge for all users until the end of June.

USDT can be traded instantly and easily for free, like sending messages via the Telegram wallet. To send messages users can send direct messages or PMs without having any blockchain address or installing new applications. Adding USDT to TON seeks to simplify worldwide P2P money transfers for its 900 million monthly active users.

USDT on TON: Faster Cross-Border Payments

The globally integrated fiat gateways facilitate USDT withdrawals on TON. Once launched, this gateway lets investors withdraw cash directly from banks or physical assets. USDT on TON aspires to be a faster, easier and cheaper cross-border payment system than usual financial services.

Pavel Durov, CEO and founder of Telegram; Paolo Ardoino, CEO of Tether; and Andy Rogozov, co-founder of TOP and CEO of the TON Foundation, spoke earlier at the TOKEN2049 Dubai event. They discussed their intent to start USDT on TON by collaborating with Tether and the TON Foundation.

The TON Foundation also supported this by promising an allocation of 11 million Toncoin for promoting the USDT on the TON concept. Five million Toncoin will be available from there and added to rewards for those participating in USDT/TON liquidity pools found in DEX and DeDust. Another five million Toncoin is also given to individuals depositing USDT through the Telegram wallet.

The launch of USDT on TON represents another step towards integrating crypto-currencies into everyday lives. It delivers seamless financial services to 900 million users within TON’s Web3 ecosystem on Telegram. However, USDT on TON is inaccessible to users in the US and certain countries due to Tether’s terms of service restrictions.

The TON Foundation manages The Open Network (formerly Telegram Open Network), an AI protocol for The Open Network. This network utilizes PoS consensus and sharding principles to enhance transaction speed and scalability within a multi-layer structure.

In February, the company announced that users could pay using TON tokens for advertising on its platform. Additionally, it pledged to allocate 50% of those revenues to community channels. This enables them to withdraw free Toncoin rewards, reinvest in its advertising feature or unlock premium features.

Related Reading | Tether Prints $1 Billion in New USDT Tokens

Rida Fatima

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An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.