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Binance Integrates USDT On TON, Opens Transactions
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Binance Integrates USDT On TON, Opens Transactions

Binance has announced the successful integration of Tether’s USDT token on The Open Network (TON).

Users can now deposit and withdraw USDT on The Open Network via Binance, enhancing liquidity and reducing transaction fees.

According to an official Binance announcement, as of June 21, users can now deposit and withdraw Tether (USDT) on TON.

“Binance has completed the integration of Tether (USDT) on the Toncoin Network. Deposits and withdrawals are now open.”

Related: TON-based DEX aims to simplify cross-chain swaps by removing bridging and wrapping

What You Need To Know

The integration allows Binance users more flexibility in moving stablecoin liquidity onto the TON blockchain.

The move is expected to improve transaction speeds, reduce fees and 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.

Future Compliance Implications 

Binance’s USDT integration on TON comes before an expected regulatory shift in the European Economic Area (EEA).

The changes will place certain restrictions on unauthorized stablecoins, such as USDT, under the Markets in Crypto-Assets Regulation (MiCA). 

In its announcement, Binance advised users to stay informed about the changes to ensure compliance and avoid potential disruptions to crypto activities.

The cryptocurrency exchange Uphold recently announced to users that it would be delisting USDT and five other stablecoins by July 1 due to the European Union’s MiCA regulations.

The other five stablecoins included Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP) and TrueUSD (TUSD).

Telegram Commitment To TON blockchain

In recent news, Telegram founder Pavel Durov announced plans to utilize the TON blockchain to tokenize stickers and emojis on the popular social media platform.

During his speech at Token2049 in Dubai, Durov emphasized the importance of privacy and freedom, which are core to the fundamentals of blockchain technology.

Durov outlined ambitions to build Telegram functionalities on The Open Network blockchain, including integrating USDT and ad revenue-sharing options.

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