A TON Foundation executive told Cointelegraph that the new Telegram mini-app will significantly boost cryptocurrency adoption. Tether on the Open Network announced the launch of USDT and XAUT stablecoins. Meanwhile, when Bitcoin plummeted earlier in the week, Bitcoiners moved $1.7 billion worth of Bitcoin into long-term wallets.
New Telegram app could bring millions to join Web3
After the launch of Tether’s USDT stablecoin on Telegram’s Web3 ecosystem, TON Foundation executive Justin Hyun told Cointelegraph that Telegram’s mini-apps will drive cryptocurrency adoption.
The launch of USDT on TON “will unlock the creator economy that is already happening on TON and Telegram,” he said. Users “no longer have to jump through the hurdles of acquiring another type of cryptocurrency or token.”
“The most interesting use cases are those that involve social viral mechanisms, which is why games that leverage Telegram mini-apps are being created every day,” Hyun explained.
Hyun said TON is returning to the original vision it set several years ago before its ICO plans stalled due to regulatory opposition. The TON Foundation was established in 2021 by the developers who took over the project.
Tether USDT stablecoin goes live on TON blockchain
Tether stablecoin operator is strengthening its relationship with Telegram's Web3 ecosystem by launching stablecoins like Tether (USDT) on the Open Network (TON).
Tether Operations announced on April 19 that it will launch the USD-pegged Tether USDT stablecoin and the gold-pegged Tether Gold (XAUT) stablecoin on the TON blockchain.
The announcement was made in conjunction with a keynote speech by Tether CEO Paolo Ardoino and Telegram founder Pavel Durov at the Token2049 cryptocurrency event in Dubai.
Ardoino said TON and Tether share the vision of an open, decentralized internet and borderless financial system.
“The launch of USDT and XAUT on TON will enable seamless value transfer, increase activity and liquidity, and at the same time provide users with a financial experience comparable to the traditional financial system,” Tether said. said the CEO of
The development of the new USDT-TON marks another milestone in Tether's expansion into multiple blockchains, covering 15 blockchains including Tron and Ethereum.
BTC plunge moves $1.7 billion into “accumulation” wallets
As Bitcoin (BTC) fell below $63,000 earlier this week, a record $1.7 billion worth of Bitcoin (BTC) moved into “accumulation” wallets in a single day.
From April 16th to 17th, over 27,700 BTC was moved to an accumulation wallet with no previous active withdrawals that held at least 10 BTC in the past 7 years. A new daily record, according to CryptoQuant data.
This data shows that the level of purchase motivation was increasing when Bitcoin was around $63,000, and that avid large-scale investors remained confident in buying and holding Bitcoin long-term. It suggests that
Anonymous crypto trader Recto Capital wrote in an April 17th X post that Bitcoin's 14% drop from its all-time high of $73,600 on March 13th was due to a “pre-halving retrace.” He explained that this was the part that had been done.
Bitcoin halving, which will see block rewards reduced by 50%, is scheduled for April 20th, and Rekt claimed that the company's price movement is currently following a similar pattern to past halving cycles. .
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
Additional reporting by Geraint Price, Sam Bourgi and Felix Ng.
