By
Svetlana Soroka
June 29th, 2024
Binance has unveiled its integration of the industry’s largest stablecoin Tether (USDT) on The Open Network (TON).
In a letter to its users, top cryptocurrency exchange Binance announced the completion of Tether (USDT price data) integration with the Toncoin network. This new development means that users can now perform USDT deposit and withdrawal transactions on The Open Network (TON). Markedly, this addition offers users a large suite of options and flexibility in conducting their transactions on any network of choice.
Enhancing the Utility of the TON Network
Integrating USDT into the network is a significant milestone for the digital asset trading firm, especially as it aligns with its effort to enhance its multi-chain capabilities. Binance users get to explore diverse options for managing their digital assets. For ease of use, Binance has provided its users with specific token deposit addresses to run their USDT transactions on TON.
TON is a decentralized blockchain network that was originally built by the messaging app Telegram. The project was later handed over to open-source developers after a series of legal challenges that forced Telegram to step aside. The design of the network accommodates high-speed and efficient blockchains. TON is focused on processing millions of transactions per second.
It utilizes sharding, a technology that involves the splitting of larger blockchain networks into smaller manageable sizes. This split and merge process allows varying transactions to run smoothly and at a fast speed. TON uses a Proof-of-Stake (PoS) consensus algorithm that enhances security as well as efficiency compared to the Proof-of-Work (PoW) consensus mechanism.
As the largest stablecoin by market capitalization, the presence of USDT on the Toncoin network could serve as a boost to the network’s utility. Ultimately, users will enjoy the high transaction speed and low cost provided by TON, and the stability and liquidity offered by Tether.
Performance of Toncoin Network
In the last couple of months, the network has recorded significant growth compared to its counterparts.
According to data from DeFiLlama, the network registered a high Total Value Locked (TVL) of $600 million at the beginning of this week. By Thursday, the TON blockchain recorded over $620 million in TVL. The next target of the protocol is to hit a TVL of $1 billion in the next few weeks or months.
Similarly, the native token behind the network TON hit an All-Time High (ATH) of $8.10 a week ago. At the time of this writing, TON was trading at $7.25 with a value drop of 0.16%. This plunge may have resulted from the currently bearish market sentiment.
So far, the protocol has seen more than $24 million in trading volume and currently has a market cap of more than $17 billion. It has equally seen quite some integrations and partnerships in recent times. Apart from this integration announced by Binance, Flipster also announced on X that it inked a partnership deal with TON to offer deposits in USDT.