June 21, 2024 at 14:16 GMTModified date: June 21, 2024 at 14:17 GMT
June 21, 2024 at 14:16 GMT

USDT now available on Toncoin network via Binance

The integration was first announced by Tether CEO, Paolo Ardoino, and Telegram CEO, Pavel Durov, during the TOKEN2049 event. 

USDT now available on Toncoin network via Binance

Binance, the world’s leading cryptocurrency exchange, has completed the integration of Tether ($USDT) on the Toncoin Network ($TON).

The exchange revealed that users can now deposit and withdraw $USDT on this blockchain. Toncoin’s team also shared this news on their X account.

This integration was first announced by Tether CEO, Paolo Ardoino, and Telegram CEO, Pavel Durov, during the TOKEN2049 event

With this development, users can benefit from Toncoin’s rapid transaction speeds and low fees. This move aligns with Binance’s strategy to support various blockchain networks, providing users with more options for secure and efficient digital asset management.

To facilitate this integration, Binance has allocated unique deposit addresses for $USDT on the $TON network. 

Users are advised to double-check these addresses and the $TON smart contract details through the links provided in Binance’s official announcement. 

This ensures maximum security and accuracy for transactions on the newly integrated network.

Compliance challenges

The integration of $USDT on $TON comes at a time when legislative changes are expected in the European Economic Area (EEA). 

This follows multi-asset exchange Uphold’s recent decision to suspend support for multiple stablecoins, including $USDT, in anticipation of the upcoming Markets in Crypto Act (MiCA) legislation. 

Other stablecoins affected include Dai ($DAI), Frax Protocol ($FRAX), Gemini dollar ($GUSD), Pax dollar ($USDP), and TrueUSD ($TUSD).

The MiCA legislation is a comprehensive regulatory framework proposed by the European Union aimed at providing clarity and stability in the rapidly evolving cryptocurrency market. 

Scheduled for implementation in 2024, MiCA seeks to standardise regulations across all EU member states, addressing key areas such as consumer protection, market integrity, and financial stability. 

It mandates that crypto-asset issuers comply with transparency requirements, including detailed white papers and clear disclosure of risks. 

Additionally, MiCA introduces stringent rules for stablecoins, ensuring they are fully backed and their reserves are securely managed.

The legislation also includes provisions to prevent market abuse and ensure the integrity of crypto exchanges and wallet providers. 

Despite these regulatory challenges, Telegram’s founder, Pavel Durov, plans to use $TON for tokenising stickers and emoticons on the Telegram platform. 

At the Token2049 event in Dubai, he emphasised the importance of privacy and freedom in blockchain, highlighting features like $USDT integration and revenue sharing via Telegram advertisements. 

This integration enhances $TON’s functionality and places it at the forefront of evolving regulatory landscapes and innovative blockchain applications.

Ambitious goals

Toncoin’s Ecosystem Lead, Alena Shmalko, recently discussed the challenges of expanding a blockchain that is not compatible with the EVM. She also outlined the goal of onboarding 500 million users on-chain. 

Shmalko highlighted the impressive growth of the $TON ecosystem, noting a 2,000% increase in Total Value Locked (TVL) in recent months.

This growth has been driven by initiatives like The Open League, which targets both $TON users and builders, leading to significant engagement. 

Currently, Toncoin is priced at $7.236175, with a market cap of $17.79 billion and a 24-hour trading volume of $254.87 million. Despite a slight decrease of 0.33% in the last 24 hours, Toncoin has a circulating supply of 2.46 billion.

Adding $USDT to $TON’s ecosystem aims to create a more stable financial environment, simplifying transactions and enhancing network trust. 

Looking ahead, the primary goal is to bring 500 million people on-chain by 2028, continuing to leverage initiatives like The Open League.