KEY FACT: Binance cryptocurrency exchange has integrated Tether’s Stablecoin, USDT on The Open Network (TON) Blockchain. Transactions has been opened and users can now deposit and withdraw USDT on TON via Binance.
Image Source: USDT and TON coin
Binance integrates Tether's USDT on TON Blockchain
Binance, the largest cryptocurrency exchange has integrated Tether’s Stablecoin, USDT on The Open Network (TON) Blockchain. Transactions has been opened and users can now deposit and withdraw USDT on TON via Binance. The official announcement from Binance was made in a blog post on Friday, June 21.
“Binance has completed the integration of Tether (USDT) on the Toncoin Network. Deposits and withdrawals are now open.” Source
The integration will allow Binance users to move stablecoin liquidity flexibly onto the TON blockchain. This is expected to reduce transaction fees while improving transaction speeds. This will offer a cost-effective method for handling USDT transactions.
Users are encouraged to check their assigned token deposit addresses and the smart contract address on TON through links provided in Binance’s official announcement.
Binance’s integration of USDT on TON happens amid the delisting of USDT and other stablecoins in response to European Union’s Markets in Crypto-Assets (MiCA) regulations. Recently, Uphold cryptocurrency exchange announced to users that it would be delisting stablecoins, USDT, Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP) and TrueUSD (TUSD) by July 1 due to the MiCA regulations.
The European Union’s MiCA regulations is a regulatory shift in the European Economic Area (EEA) which will place certain restrictions on unauthorized stablecoins. Acknowledging the potential effect of MiCA regulation on USDT integration on TON, Binance has advised users to stay informed about the changes to ensure compliance and avoid potential disruptions to crypto activities.
Meanwhile, Telegram founder Pavel Durov, has stated Telegram's commitment to TON blockchain and plans to utilize the TON blockchain to tokenize stickers and emojis on the popular social media platforms. Durov outlined ambitions to build Telegram functionalities on The Open Network blockchain, including integrating USDT and ad revenue-sharing options.
The Open Network (TON), previously known as Telegram Open Network, is a decentralized and open internet platform made up of several components including, TON blockchain, TON DNS, TON Storage, and TON sites. TON blockchain is the core that connects TON's underlying infrastructure to form the greater TON ecosystem. TON blockchain is driving cryptocurrency adoption while leveraging Telegram's social media capabilities.
TON is designed to be a high-performance blockchain that can handle large-scale transactions and applications. Developed in 2018 by Telegram, TON is fast becoming a major player in the cryptocurrency ecosystem leveraging Telegram’s massive user base of 800 million users.
Do you think that USDT integration into TON could change the economy of the TON blockchain?
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