Binance has announced the successful integration of Tether (USDT) on the Toncoin Network.
According to an official Binance announcement, as of June 21, users can now deposit and withdraw USDT on the Toncoin Network.
“Binance has completed the integration of Tether (USDT) on the Toncoin Network. Deposits and withdrawals are now open.”
Related: TON-based DEX aims to simplify cross-chain swaps by removing bridging and wrapping
What you need to know
The integration allows Binance users more flexibility in moving stablecoin liquidity onto the Ton Network blockchain.
The move is expected to improve transaction speeds, reduce fees, and offer a cost-effective method for handling USDT transactions.
Users are encouraged to check their assigned token deposit addresses and the smart contract address on the Toncoin Network through links provided in Binance’s official announcement.
Related: Telegram commits to TON blockchain, plans to support tokenized emojis and stickers NFTs.
Future compliance implications
Binance’s USDT integration on the Toncoin Network comes before the expected regulatory shift in the European Economic Area (EEA).
The changes will place unauthorized stablecoins, like USDT, under certain restrictions under the Markets in Crypto-Assets (MiCA) regulations.
In its announcement, Binance advised users to stay informed about these changes to ensure compliance and avoid potential disruptions to upcoming crypto activities.
The cryptocurrency exchange Uphold recently announced to 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 included Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD).
Related: Binance exec legal battle escalates amid US-Nigeria tug of war
Telegram commitment to TON blockchain
In recent news, Telegram founder Pavel Durov announced plans to utilize the TON blockchain to tokenize stickers and emojis on the popular social media platform.
During his speech at Token2049 in Dubai this year, Durov emphasized the importance of privacy and freedom, which are core to the fundamentals of blockchain technology.
Durov outlined ambitions to build Telegram functionalities on The Open Network (TON) blockchain, including integrating USDT and ad revenue-sharing options.
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