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Binance completes USDT Integration on TON Blockchain Network
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Binance completes USDT Integration on TON Blockchain Network

2024-06-21 by Ndaman Olayinka 3 minutes read
Binance completes USDT Integration on TON Blockchain Network

Binance has today announced the successful integration of Tether (USDT) on the Open Network (TON).

According to a blog post by Binance on June 21, users will be able to deposit and withdraw USDT to TON. This integration will allow Binance users to have more options when transferring stablecoin liquidity to the TON blockchain, speed up transaction times, reduce fees, and provide a more cost-effective way to process USDT transactions, the exchange added. Users are encouraged to verify both their assigned token deposit addresses and the smart contract address on TON by using the links provided in Binance's official announcement. 

Paolo Ardoino, an executive at Tether, disclosed this development on April 19. At TOKEN2049, he and the CEO of Telegram jointly released a statement announcing the Toncoin network's USDT issuance. 

Binance has added USDT to TON ahead of expected changes to European Economic Area (EEA) rules. The modification will impose a limit on USDT and other stablecoins that are not allowed under the Markets in Crypto-Assets Regulation (MiCA). To assure compliance and prevent any disruption to cryptocurrency operations, Binance recommends that users stay up-to-date on changes to their declaration.

The cryptocurrency exchange Uphold recently notified 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 were Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD). 

In addition to the integration that Binance had disclosed, Flipster had also disclosed on X that it had signed an agreement with TON to provide deposits in USDT.The current trade price of Ton coin is $7.10, and this price level is 11% down over the last 7 days of trading. 

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.