PANews reported on April 19 that according to Bloomberg, stablecoin issuer Tether has partnered with the TON Foundation to allow customers to send encrypted payments using the Telegram encrypted instant messaging service. Tether CEO Paolo Ardoino said in an interview at the Token2049 encryption conference in Dubai on Friday: "We can create the first truly powerful application that can be used as both a communication system and a bank account."
Ardoino said that Tether works closely with 124 law enforcement agencies in 40 different countries and complies with the sanctions rules of the Office of Foreign Assets Control; when required by law enforcement agencies, it has the ability to freeze assets when needed. Tether has cooperated with law enforcement and frozen $1.1 billion in funds since its establishment in 2014; the company now publishes proof of assets supporting its reserves every quarter, with more than $90 billion in U.S. Treasury bonds backing USDT, and the circulation supply coverage of stablecoins is 106%. ; The company achieved $6 billion in profits last year, of which $5 billion was used for its reserves because the company prioritizes redemption.
In an interview at the conference, Steve Yun, chairman of the TON Foundation, said he hopes to bring more of Telegram's 900 million users to the TON blockchain and crypto wallets, as many users are looking for simple and effective ways to send money. He said that "in emerging markets, there is a huge demand for storing wealth in US dollars."
