Binance, one of the world’s largest cryptocurrency exchanges, has announced the integration of Tether (USDT) deposits and withdrawals on the Toncoin (TON) network. According to the announcement, Binance’s move expands the options available for users, providing them greater flexibility and efficiency in managing their digital assets.
Binance USDT Integration to Bring Lots of Benefits
With this integration, Binance users can now leverage the advantages of the TON network while utilizing USDT, the world’s most widely used stablecoin. Known for its high transaction speed and low fees, the TON network offers a seamless experience for transferring USDT, enhancing the overall user experience on Binance. This development is particularly significant for traders and investors looking for rapid and cost-effective ways to manage their funds.
Likewise, TON adoption for USDT transactions is expected to attract more users to both the Binance platform and the TON network. Meanwhile, Binance has issued specific token deposit addresses for USDT on the TON network.
In response to the integration, TON’s price rose to $7.32, although its current price is $7.14, a 0.55% increase for the past 24 hours. However, the TON network has been experiencing price volatility amid regulatory anticipation and market adjustments. Despite these challenges, the integration of USDT on the TON network is a positive step towards greater utility and stability.
TON Continues to Experience Exponential Growth
A few days ago, TON Blockchain reached a significant milestone with its Total Value Locked (TVL) surpassing $600 million. Surpassing the $600 million signifies increased user engagement and the platform’s robust infrastructure and security measures.TON’s user-friendly interface and low transaction fees have attracted several users, from individual investors to large-scale institutional players.
Additionally, the integration of Telegram with the TON blockchain has increased the usage of a range of play-to-earn mini-games, available within the messaging app. Basic games that reward tokens like Notcoin, Yescoin, and Hamster Kombat have raised the network’s appeal. As TON continues to innovate and expand, its record-breaking TVL is a testament to its potential and the increasing trust within The Decentralized Finance (DeFi) community.
Tether Partners with TON Foundation
Recall that Tether made a significant move by issuing $60 million worth of USDT on The Open Network in April. This development follows Tether’s collaboration with the TON Foundation at the Token2049 crypto conference in Dubai. Meanwhile, the partnership signals a pivotal moment for Tether and TON, introducing the stablecoin to Telegram’s vast user base of 900 million.
Tether CEO Paolo Ardoino expressed satisfaction with the progress, staging that they had made a great start with $35 million USDT issued on TON. Moreover, Tether’s integration on TON includes fully integrated on-ramps from various fiat currencies globally, simplifying the acquisition of the USDT process.
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