Binance has integrated Tether's USDT token on The Open Network (TON). Users can now deposit and withdraw USDT on TON via Binance.
This integration enhances liquidity on the TON blockchain. It also reduces transaction fees. Given how popular Telegram is - with over 1 billion users - it may be a significant addition to the existing world of USDT. As of now Tether's USDT is the leading stablecoin in the world.
The move is expected to improve transaction speeds. It offers a cost-effective method for handling USDT transactions.
Users are advised to verify their token deposit addresses and smart contract address on TON.
Binance's integration precedes regulatory changes in the European Economic Area (EEA). The Markets in Crypto-Assets Regulation (MiCA) will restrict unauthorized stablecoins like USDT.
Cryptocurrency exchange Uphold is delisting USDT and five other stablecoins by July 1. The other stablecoins affected are Dai, FRAX, GUSD, USDP, and TUSD.
Telegram founder Pavel Durov recently announced plans to use TON blockchain. He aims to tokenize stickers and emojis on the platform. Durov is clearly up for turning Telegram from just a Messenger into a full-scale blockchain solution.
Durov outlined plans to build Telegram functionalities on TON blockchain. These include integrating USDT and ad revenue-sharing options.
The integration of USDT on TON via Binance marks a significant development. However, upcoming regulatory changes may impact its usage in some regions. Like in Europe where USDT is under fire now.