Binance, the leading crypto exchange in the world, has recently finalized the integration of Tether (USDT) on the Toncoin Network. As announced by Binance, users can now deposit and withdraw USDT on this blockchain.
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The team at TON blockchain also made the announcement through their X account, and Tether stated that USDT on TON blockchain is now available on Binance.
Binance completes integration of USDT on TON
During TOKEN2049, Tether CEO Paolo Ardoino and Telegram CEO Pavel Durov made a joint announcement about the issuance of USDT on TON.
Now, users can take advantage of TON’s fast transaction speeds and low fees while seamlessly conducting transactions and managing assets with USDT. Binance’s initiative is in line with its overall strategy of supporting several blockchain networks, giving users more choices to securely and efficiently manage their digital assets.
Source: Tether
To simplify this integration, Binance has designated unique token deposit addresses for USDT on the TON network. The crypto exchange recommends that users double-check these addresses and the TON smart contract details by following the links provided in Binance’s official announcement.
This step ensures the utmost security and precision of transactions within the recently integrated network.
The integration has future compliance problems
The integration of USDT on TON coincides with anticipated legislative changes in the European Economic Area (EEA). This development comes after Uphold’s recent decision to suspend support for multiple stablecoins, including USDT, in anticipation of upcoming MiCA legislation.
The remaining five stablecoins were Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD).
Regardless of the market outlook, Telegram’s founder, Pavel Durov, has announced plans to use TON to tokenize stickers and emoticons on the Telegram platform. Durov, speaking at Token2049 in Dubai, stressed privacy and freedom as essential blockchain concepts, highlighting planned features like USDT integration and revenue sharing via Telegram adverts.
Binance’s integration of USDT on the Toncoin Network increases the network’s functionality and positions TON in the midst of developing regulatory landscapes and new blockchain applications, pointing to intriguing future opportunities.
TON intends to onboard 500 million on-chain
During a recent interview, Alena Shmalko, the TON Ecosystem Lead, shared insights on the difficulties of expanding a blockchain that is not compatible with the EVM. Additionally, she discussed the entity’s goal of onboarding 500 million users on-chain.
Alena emphasized the remarkable growth of the TON ecosystem, noting a staggering 2,000% increase in TVL in recent months.
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The surge has been credited to the introduction of The Open League, an initiative targeting TON users and builders alike. This has led to significant growth and increased engagement.
The current price of Toncoin is $7.236175 per (TON / USD), and its market cap is $17.79B. The 24-hour trading volume on Binance stands at $254.87M. Toncoin has decreased by 0.33% in the last 24 hours and has a circulating supply of 2.46 billion.
Source: Binance
Adding USDT to TON’s ecosystem was a step toward creating a more stable and dependable financial environment, making transactions easier, and increasing trust in the network.
Regarding the project’s future, Alena stated that the primary goal is to bring 500 million people on-chain by 2028. To do this, the Foundation will allegedly continue to implement The Open League.
Cryptopolitan Reporting by Florence Muchai