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Binance announces Tether integration into Toncoin network

The integration aims to increase liquidity and facilitate stablecoin trading on the new network, offering users greater flexibility and security.

Date: 2024-06-21 Author: Łukasz Michałek
Binance announces Tether integration into Toncoin network

Binance, one of the world’s leading cryptocurrency exchanges, announced that it has integrated Tether (USDT) into the Toncoin network.

This means that users can deposit and withdraw USDT using the network, marking another milestone in Binance’s efforts to improve its multi-chain capabilities. This provides users with greater flexibility and transaction options.

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What is the Toncoin network?

TheToncoin Network or simply TON (The Open Network) is a decentralized blockchain network that evolved from the Telegram Open Network, originally developed by messaging app Telegram. After a series of legal challenges, Telegram withdrew from the project, which was then continued by open source developers.

Earlier this week, the TON blockchain recorded a high total blocked value (TVL) of more than $600 on Monday. According to data from DefiLlam. In a separate update on the Toncoin network, Flipster announced that it has partnered with TON to offer deposits via USDT.

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TON is designed to offer fast and efficient blockchain. It aims to process millions of transactions per second. It has sharding technology that allows splitting and combining to accommodate different workloads, ensuring smooth and fast processing.

The network uses a Proof-of-Stake consensus mechanism, enhancing its security and performance compared to traditional Proof-of-Work systems.

The integration of USDT, the world’s largest stablecoin by market capitalization, into the TON network provides a noticeable increase in network utility. USDT’s presence on TON allows users to take advantage of high transaction speeds and low network costs, while maintaining the stability and liquidity that Tether offers.

For Binance, the integration of USDT into the TON network goes hand in hand with a broader strategy to support multiple blockchain networks, offering users a variety of options for managing their digital assets. To facilitate the new integration, Binance said it has provided users with specific token deposit addresses for USDT on the TON network.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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