Binance has announced the effective integration of Tether USDT as users are now able to deposit and withdraw USDT on the Toncoin Network as of June 21, as per an official announcement from Binance
What you must be aware of
The integration enables Binance users to transfer stablecoin liquidity onto the Ton Network blockchain flexibly.
The action is anticipated to enhance transaction velocities, decrease fees, and provide a cost-effective approach to managing USDT transactions.
Users are advised to verify their assigned token deposit addresses and the smart contract address on the Toncoin Network by following the links supplied in Binance’s official announcement.
Implications for future compliance
Binance’s USDT integration on the Toncoin Network occurs before the anticipated regulatory transition in the European Economic Area (EEA).
The modifications will impose specific restrictions on unauthorized stablecoins, such as USDT, by the Markets in Crypto-Assets (MiCA) regulations.
In its announcement, Binance advised users to remain informed about these changes to ensure compliance and prevent potential disruptions to forthcoming crypto activities.
Due to the European Union’s MiCA regulations, Uphold, a cryptocurrency exchange, has recently informed its users that it will be delisting USDT and five other stablecoins by July 1.
Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD) comprised the remaining five stablecoins.
Telegram’s dedication to the TON blockchain
In recent news, Pavel Durov, the founder of Telegram, disclosed his intention to tokenize stickers and symbols on the popular social media platform using the TON blockchain.
Durov underscored the significance of privacy and freedom, which are fundamental to the principles of blockchain technology, during his speech at Token2049 in Dubai this year.
Durov expressed his ambition to develop Telegram functionalities on The Open Network (TON) blockchain, including integrating USDT and ad revenue-sharing options.