Transactions are now open, as Binance has integrated Tether (USDT) into the Toncoin Network.
Binance, the world’s foremost cryptocurrency exchange, has recently completed the integration of Tether (USDT) into the Toncoin Network. Users are now able to deposit and withdraw USDT on this blockchain, as Binance has previously announced.
Tether has announced that USDT on TON blockchain is now available on Binance, and the TON blockchain team has also made the announcement through their X account.
Tether CEO Paolo Ardoino and Telegram CEO Pavel Durov jointly announced the issuance of USDT on TON during TOKEN2049.
Users can now seamlessly manage assets and conduct transactions with USDT while taking benefit of TON’s low fees and fast transaction speeds. Binance’s initiative is consistent with its overarching strategy of supporting multiple blockchain networks, which provides users with a broader range of options for the secure and efficient management of their digital assets.
In order to facilitate this integration, Binance has designated distinct token deposit addresses for USDT on the TON network. The crypto exchange advises users to verify the TON smart contract details and the addresses by following the links supplied in Binance’s official announcement.
In the recently integrated network, this phase guarantees the highest level of security and precision for transactions.
The anticipated legislative adjustments in the European Economic Area (EEA) are in alignment with the integration of USDT on TON. This development follows Uphold’s recent decision to suspend support for numerous stablecoins, including USDT, in anticipation of forthcoming MiCA legislation.
Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD) comprised the remaining five stablecoins.
Pavel Durov, the founder of Telegram, has disclosed his intention to implement the use of TON to tokenize emoticons and stickers on the platform, irrespective of the market outlook. Durov, during his presentation at Token2049 in Dubai, underscored the importance of privacy and freedom as fundamental blockchain concepts. He also mentioned the planned implementation of features such as revenue sharing through Telegram advertisements and USDT integration.
USDT’s integration into the Toncoin Network by Binance enhances the network’s functionality and places TON in the midst of the development of new blockchain applications and regulatory landscapes, suggesting enticing future opportunities.
Alena Shmalko, the TON Ecosystem Lead, recently provided an interview in which she discussed the challenges associated with expanding a blockchain that is incompatible with the EVM. Furthermore, she addressed the organization’s objective of enrolling 500 million individuals on-chain.
Alena emphasized the TON ecosystem’s extraordinary expansion, citing a 2,000% increase in TVL in recent months.
The rise is thought to be due to the start of The Open League, a project aimed at both TON fans and builders. This has resulted in substantial growth and heightened engagement.
Toncoin’s market capitalization is $17.79B, and its current price is $7.236175 per (TON / USD). Binance’s 24-hour trading volume is $254.87M. Toncoin’s circulating supply is 2.46 billion, and it has experienced a 0.33% decline in the past 24 hours.
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