Binance has declared the successful implementation of Tether’s USDT token on The Open Network (TON).
In line with an official Binance statement, from June 21, users now have the capability to deposit and withdraw Tether (USDT) on TON.
What you should be aware of
The integration provides Binance users with increased flexibility in transferring stablecoin liquidity onto the TON blockchain. The move is anticipated to enhance transaction speeds, reduce fees, and provide a cost-effective approach for managing USDT transactions.
Users are urged to verify their allocated token deposit addresses and the smart contract address on TON through the links provided in Binance’s official announcement.
Future compliance implications
Binance’s USDT integration on TON precedes an anticipated regulatory change in the European Economic Area (EEA). The adjustments will impose specific limitations on unauthorized stablecoins, such as USDT, under the Markets in Crypto-Assets Regulation (MiCA).
In its announcement, Binance suggested that users stay updated on the changes to ensure compliance and prevent potential disruptions to crypto activities.
Uphold, the cryptocurrency exchange, recently notified users that it would remove USDT and five other stablecoins by July 1 due to the European Union’s MiCA regulations. The other five stablecoins to be removed include Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD).
Telegram’s dedication to the TON blockchain
In recent developments, Pavel Durov, the founder of Telegram, disclosed plans to employ the TON blockchain to tokenize stickers and emojis on the popular social media platform. During his address at Token2049 in Dubai, Durov highlighted the significance of privacy and freedom, which are fundamental to blockchain technology. Durov outlined aspirations to integrate Telegram features on The Open Network blockchain, including USDT and ad revenue-sharing options.
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Binance incorporates USDT into TON platform enabling transaction capabilities