Transak Supports USDT on TON Blockchain Now

A crypto payment platform, Transak supports USDT on TON blockchain in a recent update to the list of cryptocurrencies they offer.

Transak, a provider of cryptocurrency payment infrastructure, has incorporated Tether’s stablecoin USDT support into The Open Network. This integration aims to provide users with an uninterrupted and limitless peer-to-peer (P2P) encounter. 

Transak entered the TON ecosystem for the first time in September 2023 via a collaboration with Tonkeeper, the wallet of the TON protocol on Telegram.

Recent reports indicate that after integrating and investigating The Open Network for several months, Transak now provides merchants in more than 150 countries direct access to USDT on the protocol via its platform. 

Incorporating USDT support expands the range of services Transak provides within the TON ecosystem. 

Transak Introduces USDT Support on the TON Network

The most recent advancement resulted from a collaboration between Tether, the entity that issues USDT, and the TON Foundation, an autonomous organization tasked with supervising the operations of the Open Network. 

The partnership was officially declared during the TOKEN2049 blockchain event in Dubai in April 2024, establishing the foundation for Transak’s integration of USDT on TON. Due to this integration, millions of users of Transak’s platform can now acquire USDT via the TON network. The organization will act as an intermediary between its users who desire to acquire USDT at a comparatively reduced cost via the Ton Network. 

Additionally, over 350 decentralized finance (DeFi) applications utilizing Transak for payments can now offer their users the option to purchase USDT, the third-largest cryptocurrency by market capitalization, in a variety of fiat currencies. 

Additionally, the TON network will reap the benefits of Transak’s approximately 5 million registered users, which will increase its visibility among users worldwide. By leveraging Telegram’s substantial user base of approximately 900 million, the network could establish a competitive stance vis-à-vis long-standing industry organizations while appealing to a more extensive international demographic. 

Sami Start, co-founder and chief executive officer of Transak, stated that the organization is dedicated to granting consumers financial independence. 

“Transak has consistently advocated for self-custody of digital assets and responsible financial liberty.” “We are honored to facilitate millions of users’ access to USDT on TON via our platform,” stated Start. 

Unveils an 11 Million Toncoin Initiative by the TON Foundation

In April, after disclosing its collaboration with Tether, the TON Foundation declared its intention to distribute an estimated 11 million TON as rewards for early USDT adopters on the Open Network. 

Five million tons of these will be allocated to reward pools on decentralized platforms STON.fi and DeDust. 

An additional 5 million TON will be allocated to Telegram users participating in the Wallet’s Earn campaign using USDT. 

The residual tokens will be distributed as rewards to users via cryptocurrency exchanges that support the TON Network. On the blockchain, purchasers of TON and other digital assets do not incur additional fees. 

Nevertheless, withdrawals are complimentary only for users who convert their assets to TON. One illustration is transforming a digital asset purchased on the TON ecosystem into TON without incurring transaction fees.