TL;DR
- Binance has integrated Tether (USDT) into The Open Network (TON), allowing deposits and withdrawals on this network since June 21.
- This integration provides users with greater flexibility to move stable liquidity on TON, a network known for its efficiency and low operational costs
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Binance is anticipating the MiCA regulations in the European Economic Area, which will impose restrictions on unauthorized stablecoins like USDT.
Binance has announced a new integration on its platform: Tether (USDT) is now available on The Open Network (TON). This update allows Binance users to deposit and withdraw USDT on the TON network. The integration aims to significantly improve transaction speeds and reduce associated fees.
The integration of USDT into TON was completed on June 21. It will offer users greater flexibility to move stable liquidity within the TON blockchain. Known for its efficiency and low operational costs, TON will now benefit from the stability and widespread acceptance of USDT, one of the most widely used stablecoins in the market.
Binance has pushed this initiative in anticipation of regulatory changes in the European Economic Area (EEA) under the Markets in Crypto-Assets (MiCA) regulation. These regulations will impose restrictions on unauthorized stablecoins like USDT. In its announcement, the exchange has urged its users to stay informed about these regulatory changes to avoid potential disruptions in their cryptocurrency activities.
Binance Prepares to Deal with New Regulations
Meanwhile, Uphold, another cryptocurrency exchange, has decided to delist USDT and five other stablecoins from its offerings before July 1, in response to the upcoming MiCA regulations. The other affected stablecoins are Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD).
Meanwhile, Pavel Durov, founder of Telegram, has reaffirmed his commitment to The Open Network. He recently announced his plans to use the TON blockchain to tokenize stickers and emojis in the messaging app. During his speech at the Token2049 event in Dubai, Durov emphasized the importance of privacy and freedom, fundamental principles of blockchain. He also outlined his vision to integrate additional functionalities into the TON blockchain, such as the incorporation of USDT and options for sharing advertising revenue.
The integration of USDT into TON was a necessary step for Binance. It not only improves operability and reduces costs for users but also aligns strategically with imminent regulatory changes.
