Binance, one of the world’s leading cryptocurrency exchanges, announced it has integrated Tether (USDT) on the Toncoin Network.
This means users can deposit and withdraw USDT using the network, marking another milestone in Binance’s efforts to enhance its multi-chain capabilities. This provides its users with more flexibility and options for their transactions.
What is the Toncoin Network
Toncoin Network, or simply TON (The Open Network), is a decentralized blockchain network that evolved from the Telegram Open Network, originally developed by the messaging app Telegram. After a series of legal challenges, Telegram stepped away from the project, which was then continued by open-source developers.
Earlier this week the TON blockchain recorded a high total value locked (TVL) as of Monday, reaching above $600. According to DefiLlama data.
In a separate update on the Toncoin Network, Flipster announced it had partnered with TON to offer deposits via USDT.
TON is designed to offer high-speed and efficient blockchains. It aims to process millions of transactions per second. It features sharding technology, which allows it to split and merge to accommodate varying loads, ensuring smooth and fast processing times.
The network leverages a Proof-of-Stake consensus mechanism, enhancing its security and efficiency compared to traditional Proof-of-Work systems.
The integration of USDT, the world’s largest stablecoin by market capitalization, onto the TON network provides a notable boost to the network’s utility. USDT’s presence on TON allows users to leverage the network’s high transaction speeds and low costs while maintaining the stability and liquidity that Tether offers.
Binance’s Strategic Move to Integrate USDT on TON
For Binance, integrating USDT on the TON network goes with its broader strategy to support multiple blockchain networks, offering its users diverse 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.
Source: Cryptonews
