Binance has successfully integrated Tether (USDT) onto the Toncoin network, allowing users to deposit and withdraw USDT starting June 21. This increases liquidity on Toncoin, which can lead to lower transaction fees and a better overall user experience.
The integration of USDT into Toncoin’s network represents the next important step in the development of the blockchain.
What you need to know
The integration will give Binance users more flexibility to move liquidity from stablecoins to the Ton Network blockchain.
The move is expected to increase transaction speeds, reduce costs and provide a cost-effective method for settling USDT transactions. Would you use Toncoin’s network for USDT transactions?
In theory, the integration will soon also make it possible to easily send and receive USDT to people via Telegram. This makes the use of digital dollars a bit easier for a large group of people.
Future Compliance Issues
Binance’s integration of USDT onto the Toncoin network comes ahead of the expected regulatory shift in the European Economic Area (EEA). Due to the Markets in Crypto-Assets (MiCA) regulations, illicit stablecoins, such as USDT, will come under certain restrictions.
Cryptocurrency exchange Uphold recently announced that it would delist USDT and five other stablecoins on July 1 due to the European Union’s MiCA regulations. It may therefore be that we will soon no longer be able to use stablecoins in the Eurozone.
The other five stablecoins were Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax dollar (USDP) and TrueUSD (TUSD).
Telegram dedicated to the TON blockchain
Previously, Telegram founder Pavel Durov announced plans to use the TON blockchain to tokenize stickers and emojis on the popular social media platform.
Speaking at Token2049 in Dubai this year, Durov emphasized the importance of privacy and freedom, which are core to the basic principles of blockchain technology.
Durov outlined ambitions to build Telegram functionalities on The Open Network (TON) blockchain, including integrating USDT and ad revenue sharing options. The recent developments have done a TON of good, because the coin has recently been included in the top 10 on CoinMarketCap.
Source: https://newsbit.nl/binance-integreert-usdt-op-toncoin-netwerk/
