Binance has announced the successful integration of Tether (USDT) on the Toncoin Network, providing users with the ability to deposit and withdraw USDT through the platform.
Binance has announced the successful integration of Tether (USDT) on the Toncoin Network, providing users with the ability to deposit and withdraw USDT through the platform. This strategic move aims to improve liquidity and reduce transaction fees for users.
Effective June 21, as stated in an official Binance announcement, users can now leverage this integration to transfer stablecoin liquidity more efficiently to the Ton Network blockchain. This enhancement is anticipated to increase transaction speeds, lower fees, and offer a cost-effective solution for managing USDT transactions. Binance advises users to verify their token deposit addresses and the smart contract address on the Toncoin Network via the links provided in the official announcement.
Regulatory Implications and Future Compliance
This integration is introduced ahead of expected regulatory changes in the European Economic Area (EEA) under the Markets in Crypto-Assets (MiCA) regulations, which will impose certain restrictions on unauthorized stablecoins like USDT. Binance encourages users to stay informed about these regulatory changes to ensure compliance and mitigate potential disruptions to their cryptocurrency activities.
Stablecoin Delisting Announcement by Uphold
In related developments, the cryptocurrency exchange Uphold has announced its decision to delist USDT and five other stablecoins by July 1 in response to the European Union’s MiCA regulations. The affected stablecoins include Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD).
Telegram’s Engagement with the TON Blockchain
Moreover, Telegram founder Pavel Durov has unveiled plans to utilize the TON blockchain for tokenizing stickers and emojis on the platform. During his speech at Token2049 in Dubai, Durov emphasized the significance of privacy and freedom, which are fundamental to blockchain technology. He also outlined his vision to incorporate USDT and ad revenue-sharing features into Telegram’s functionalities on The Open Network (TON) blockchain.
