Binance has successfully integrated Tether (USDT) on the Toncoin Network, allowing users to deposit and withdraw USDT via Binance. This development enhances liquidity and reduces transaction fees for users.
According to an official Binance announcement, starting June 21, users can leverage this integration to move stablecoin liquidity more flexibly onto the Ton Network blockchain. This improvement is expected to enhance transaction speeds, lower fees, and provide a more cost-effective method for handling USDT transactions. Binance advises users to verify their token deposit addresses and the smart contract address on the Toncoin Network through the links provided in the announcement.
Future Compliance Implications
This integration precedes anticipated regulatory changes in the European Economic Area (EEA) under the Markets in Crypto-Assets (MiCA) regulations. These changes will impose restrictions on unauthorized stablecoins like USDT. Binance urges users to stay informed about these regulatory shifts to ensure compliance and avoid disruptions to their crypto activities.
Stablecoin Delisting by Uphold
In related news, the cryptocurrency exchange Uphold announced plans to delist USDT and five other stablecoins by July 1 due to the European Union’s MiCA regulations. The other stablecoins affected include Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD).
Telegram’s Commitment to TON Blockchain
Additionally, Telegram founder Pavel Durov has announced plans to utilize the TON blockchain for tokenizing stickers and emojis on the platform. Speaking at Token2049 in Dubai, Durov highlighted the importance of privacy and freedom, core principles of blockchain technology. He outlined ambitions to integrate USDT and ad revenue-sharing options into Telegram’s functionalities on The Open Network (TON) blockchain.
