Benzinga – by Murtuza Merchant, Benzinga Staff Writer.
Binance has successfully integrated Tether (CRYPTO: USDT) on The Open Network (CRYPTO: TON), providing users with increased flexibility for stablecoin transactions.
As of June 21, Binance users can now deposit and withdraw USDT on the TON blockchain.
“Binance has completed the integration of Tether (USDT) on the Toncoin Network. Deposits and withdrawals are now open,” the official announcement stated.
Key Benefits And Features
This integration allows Binance users to move stablecoin liquidity onto the TON blockchain more efficiently.
It is anticipated to enhance transaction speeds, lower fees and offer a more cost-effective method for managing USDT transactions.
Users are advised to verify their assigned token deposit addresses and the smart contract address on TON through links provided in Binance’s official announcement.
Also Read: Suspects Arrested Over Alleged $1.2B Illegal Crypto Business By United Kingdom’s FCA
Future Compliance Implications
This development comes ahead of anticipated regulatory changes in the European Economic Area (EEA).
The upcoming Markets in Crypto-Assets Regulation (MiCA) will impose restrictions on unauthorized stablecoins like USDT.
Binance has urged users to stay informed about these regulatory changes to ensure compliance and prevent potential disruptions to their crypto activities.
In light of MiCA regulations, the cryptocurrency exchange Uphold has recently announced it will delist USDT and five other stablecoins by July 1.
The affected stablecoins include Dai (CRYPTO: DAI) , Frax Protocol (CRYPTO: FRAX), Gemini dollar (CRYPTO: GUSD), Pax dollar (CRYPTO: USDP) and TrueUSD (CRYPTO: TUSD).
Expanding Blockchain Utilization
In related news, Telegram founder Pavel Durov has revealed plans to leverage the TON blockchain for tokenizing stickers and emojis on the popular social media platform.
Speaking at Token2049 in Dubai, Durov emphasized the importance of privacy and freedom, core principles of blockchain technology.
Durov detailed ambitions to integrate Telegram functionalities with The Open Network, including USDT integration and ad revenue-sharing options, aiming to further enhance the platform’s capabilities and user experience.
As Binance advances with USDT integration on TON, the cryptocurrency community is preparing for Benzinga’s Future of Digital Assets event on Nov. 19.
This event will provide a platform for industry leaders to discuss regulatory changes, technological advancements, and the evolving landscape of digital finance.
Read Next: Investor Convicted For Unlicensed Investment Advice In Paid Telegram Group
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