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Binance Users Can Now Send USDT on the Toncoin Network

The Toncoin network becomes the 16th chain available for USDT deposits and withdrawals on Binance.

Binance mobile phone

Leading crypto exchange Binance announced on Friday that it has completed the integration of Tether’s stablecoin, USDT, on The Open Network (TON). The integration would allow the exchange to send and receive USDT from the Toincoin network.

According to Binance’s announcement page, users can immediately start moving USDT to and from TON. The exchange provided links for users to check their assigned token and smart contract wallet addresses and encouraged them to do so for seamless transactions.

“Binance has completed the integration of Tether (USDT) on the Toncoin Network. Deposits and withdrawals are now open,” the leading crypto firm stated.

Binance Pushes Flexibility Agenda

The integration fosters Binance’s push to provide its users with flexibility and options. Binance has over 200 million users globally, hosting more than 36% of all users in the crypto sector.

The integration also provides liquidity and utility for the Toncoin network. TON’s exceptional transaction speed and cost-friendly nature will provide healthy competition for other networks while expanding the methods of moving USDT. The Toncoin network becomes the 16th chain available for USDT deposits and withdrawals on Binance.

Tether is the biggest stablecoin issuer in the crypto sector, asserting over 70% market dominance. With over $112 billion in market cap, Tether sits third in the crypto cap ranking and is the only stablecoin in the top 5.

TON Continues Fine Form

The Toncoin network has risen to the limelight after its strategic partnership with messaging app Telegram. TON’s total value locked (TVL) recently surpassed $600 million as on-chain transactions have continued to peak.

Toncoin hit a new all-time high in June amidst broader market capitulation, which saw Bitcoin crash below $65,000. Growing on-chain activity on Toncoin seems not to be slowing soon, as trending tap-to-earn games, Hamster Kombat and Tapswap, have all announced they would launch on TON, mirroring Notcoin’s success.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.