Binance was able to deploy Tether’s USDT token onto The Open Network successfully. Now users can perform deposit and withdrawal operations on Binance through this open network, which will decrease the transaction charges and also increase the speed of transactions.
The official announcement about the integration of the Theater network was released by Binance on June 21. From this statement, one is in a position to transact on TON.
“Binance has completed the integration of Tether (USDT) on the Toncoin Network. Deposits and withdrawals are now open.”
What TON offers
The integration benefits Binance users in that it offers them more ways to transfer stablecoin liquidity to the TON blockchain.
It will enable Binance users to have a more accurate and faster transaction with a lower fee to make USDT transactions.
The users are encouraged to check the token deposit addresses and smart contract addresses in TON as mentioned in the official announcement of Binance.
Future Compliance Issues and Implications
Self, Binance integrates USDT on TON before the shift in regulation in the European Economic Area (EEA).
The changes will limit some unauthorized stablecoins under the proposed Markets in Crypto-Assets Regulation (MiCA).
In the announcement, Binance basically urged its users always to check the regulations to avoid disordering the activity of cryptocurrencies.
Recently, Uphold, the cryptocurrency exchange, stated to the users that starting from July 1, 2022, it will cease supporting USDT and five other stablecoins due to the MiCA regulation.
The five stablecoins are Frax Protocol, TrueUSD, Dai, Pax dollar, and Gemini dollar.
The recent news stated that the creator of the Telegram, Pavel Durov outlined some plans to use the TON blockchain in creating tokenized stickers and emojis on the popular social site.
During the speech about Token2049, he focused on policy and freedom as two fundamental constructs of any blockchain.
