On April 19, 2024, Binance, the leading cryptocurrency exchange, officially announced the integration of Tether (USDT) on the TON (Open Network) blockchain at the Token2049 event in Dubai. This strategic move aims to enhance the functionality and accessibility of stablecoins in the TON ecosystem, closely associated with the popular messaging app Telegram.
According to Binance, users can now deposit and withdraw USDT on the TON network, opening up new opportunities for decentralized finance (DeFi) applications and peer-to-peer trading on a global scale.
This development is significant for both Binance and the TON network. For Binance, the move represents an expansion of multi-blockchain support for USDT, which is already available on several other major blockchains including Ethereum and Tron. For TON, this move enhances the network’s capabilities, potentially attracting more users and developers to its platform.
The Token2049 event also saw the participation of executives from Tether, Telegram, and The Open Platform, who highlighted their shared vision of a borderless financial system and decentralized internet. The addition of USDT to TON is expected to provide Telegram’s massive user base, estimated at over 900 million people globally, with a powerful tool for financial transactions and payments.
This underscores the growing importance of stablecoins in the cryptocurrency market, providing users with a stable and reliable means of exchange in an inherently volatile market. It also marks a milestone in the collaboration between major players in the cryptocurrency industry, aimed at enhancing the overall user experience and promoting wider adoption of digital currencies.
