Ramp Network, a leading fintech infrastructure provider, has announced its pivotal role in facilitating the purchase and withdrawal of the USDt on TON stablecoin, launched by Tether, on The Open Network (TON). This collaboration aims to streamline transactions within the TON ecosystem, enhancing the user experience for Telegram’s massive user base of over 900 million monthly active users.
With the native integration of USDt on TON, Ramp Network is augmenting Tether’s use case by providing a simple and borderless experience for peer-to-peer payments within the Telegram Messenger ecosystem. USDt, already the world’s most widely-used stablecoin with a market cap exceeding $107 billion, will now leverage TON’s integration with Telegram Wallet to potentially expand Telegram’s Apps and decentralized services on TON.
Streamlining Transactions Globally
Ramp Network’s infrastructure is designed to streamline in-and-out transactions for the entire TON ecosystem. The company enables developers to integrate easy-to-use crypto on- and off-ramps into applications, ensuring fast and seamless crypto purchases and withdrawals in more than 150 countries worldwide.
Szymon Sypniewicz, CEO of Ramp Network, expressed, “Crypto transactions should be as simple as texting. At Ramp Network we share TON Foundation’s vision. We are excited to contribute to making it a reality by introducing on-ramping and off-ramping for USDt on TON across more than 150 countries. We look forward to seeing how enabling access to instant, low-cost crypto transactions can improve the lives of hundreds of millions of users in the TON ecosystem.”
In addition to facilitating transactions, Ramp’s support for USDt on TON will simplify the Know Your Customer (KYC) process, making it easier for new users to onboard the TON ecosystem. This user-friendly approach aligns with TON Foundation’s mission to integrate Web3 services seamlessly into the daily lives of Telegram users. Meanwhile, Ramp’s rollout of USDt on TON will be implemented in phases. Initially, on-ramping will be available on Ramp’s main website and integrated with select third-party wallets that support TON assets.
Subsequent phases will include the addition of USDt on TON to the fiat off-ramp, providing users with comprehensive transactional capabilities. Ramp Network’s support for USDt on TON builds upon its earlier announcement in December 2023, when the company enabled on-ramp support for TON’s native asset, Toncoin (TON). This ongoing collaboration underscores Ramp’s commitment to bridging the gap between the crypto economy and today’s global financial infrastructure.
Ramp Network is a financial technology company dedicated to building solutions that connect the crypto economy with the existing global financial infrastructure. Through its core on- and off-ramp products, Ramp offers businesses and individuals across 150+ countries a streamlined experience for converting between cryptocurrencies and fiat currencies. The platform is fully integrated with major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.
Ramp Network’s facilitation of USDt on TON transactions represents a significant step towards mainstream adoption of Web3 technologies. By leveraging its robust fintech infrastructure, Ramp is playing a crucial role in making crypto transactions more accessible and user-friendly for Telegram’s extensive user base. As Ramp continues to innovate and expand its services, the broader crypto community can anticipate further advancements that simplify and enhance the crypto transaction experience on TON and beyond.
