Exchange giant Binance has announced the integration of the USDT stablecoin on The Open Network (TON).
Following this integration, those using the Binance exchange can deposit and withdraw USDT on the TON blockchain.
“Binance has completed the integration of Tether (USDT) on the Toncoin Network. Deposits and withdrawals are now open,” the Binance announcement read.
Binance Users to Access USDT Stablecoin on TON
The integration of USDT on the TON blockchain will allow exchange users to access more stablecoin liquidity.
Some benefits of this integration include high transaction speeds and low fees. The initiative will allow exchange users more options when choosing a low-cost network to complete USDT transactions.
Binance users are urged to monitor their token deposit addresses on the Binance exchange to make USDT deposits.
In its announcement, Binance also urged its users to be conversant with the regulatory framework around some stablecoins in their respective jurisdictions.
European Economic Area (EEA) has announced stringent stablecoin rules in Europe in an upcoming regulatory overhaul for crypto assets.
The EEA crypto guidelines impose restrictions on stablecoins like USDT in compliance with the Markets in Crypto-Assets Regulation (MiCA).
Exchanges are already being forced to comply with the MiCA framework. Uphold has informed users that they will remove USDT and other stablecoins from the exchange on July 1 in compliance with EEA guidelines.
TON Blockchain’s Growing Market Popularity
The TON blockchain has witnessed significant growth recently amid rising adoption. Data from DeFiLlama shows that in the past month, the total value locked (TVL) on the TON blockchain has increased to over $622 million.
In January, the TON TVL sat at $13.5 million. The growth shows that more decentralized applications (DApps) are launching on the TON network, seeking to leverage the network’s low fees and fast speeds.
Besides network growth, the blockchain’s native token, TON, has also recorded significant gains.
TON is among the top crypto market performers, and it clinched an all-time high of $8.25 on June 15, according to CoinGecko. The TON stablecoin is also witnessing rising adoption.
While TON’s early days revolved around the project being associated with the messaging platform Telegram, this is no longer the case.
While the two were forced to be different entities because of regulatory scrutiny, Telegram continues to support the project.
Telegram’s founder, Pavel Durov, said the platform would use the TON blockchain to tokenize emojis and stickers. Durov also outlined plans to launch Telegram functionality on the TON blockchain.
