Binance exchange made a crucial announcement about Tether and Telegram-based crypto project Toncoin (TON).
The trading platform successfully integrated USDT into the Toncoin platform on Friday, June 21.
That marks a crucial development, adding value to the stablecoin and TON.
Binance integrates USDT on the Toncoin network
The exchange confirmed the optimistic news on Friday and opened deposits and withdrawals. That means Toncoin users can now transact using stablecoin USDT.
Meanwhile, Tether exec Paolo Ardoino revealed this development on 19 April.
He issued a joint announcement with the Telegram CEO during the TOKEN2049 event, revealing USDT issuance on the Toncoin network.
The public statement revealed a significant step towards enhancing Tether’s functionality through the TON platform.
The move will likely increase USDT adoption in the digital finance landscape. Further, it can propel the stablecoin’s transaction volume to unprecedented highs.
The latest stats show USDT’s daily trading volume came at $53.03 billion, outpacing Visa in 24-hour trading activity.
Visa boasted a trading volume of $3.7 trillion in Q1 2024, with a $42 billion daily average.
Meanwhile, Tether’s over 45 million holders have completed 2,221,051 transfers, propelling the overall transfer count to 1,805,480,088.
The recent integration will likely boost these figures, confirming the increasing benefits of cryptocurrencies in the financial space.
Experts trust the latest integration will greatly magnify USDT’s transaction volume and user base. Participants will enjoy benefits such as:
- Enhanced flexibility in handling Tether assets.
- Toncoin’s massive security measures.
- Reduced fees and heightened transaction speed on the Toncoin blockchain.
Binance’s USDT integration on the Toncoin network is vital for decentralized finance (DeFi) as it enhances user functionality and accessibility.
These developments can help native coin TON to continue outperforming despite broad market trends.
Stablecoins to dominate electronic money by 2025
Recent stats show stablecoins have seen significant adoption, with transfer volume surging 1.600% within the past four years.
Token Terminal shows that 30-day stablecoin transactions jumped from $100B in October 2020 to $1.68 trillion in April 2024.
Circle CEO Jeremy Allaire believes stablecoin will attain global acceptance by 2025 and become “legal electronic money.”
Stablecoins remain crucial in ensuring stability in the cryptocurrency market, considering the high volatility nature of coins like Bitcoin and other digital tokens.
For instance, PayPal launched its stablecoin as the “the shift toward digital currencies requires a stable instrument.”
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