Binance, one of the world’s leading cryptocurrency exchanges, has announced the integration of Tether (USDT) on the Toncoin Network. This new development allows users to deposit and withdraw USDT using the TON network.
It marks another milestone in Binance’s ongoing efforts to enhance its multi-chain capabilities and provide users with increased flexibility and transaction options.The Toncoin Network, or TON (The Open Network), is a decentralized blockchain network that evolved from the Telegram Open Network, originally developed by the messaging app Telegram.
Following a series of legal challenges, Telegram stepped away from the project, which was subsequently continued by open-source developers. Earlier this week, the TON blockchain recorded a significant total value locked (TVL), reaching over $600 million as of Monday, according to data from DefiLlama.
Binance Integration On TON Boosts Network Efficiency And Security
In a separate update, Flipster announced a partnership with TON to offer deposits via USDT. TON is designed to offer high-speed and efficient blockchain capabilities, aiming to process millions of transactions per second. It features sharding technology, which allows the network to split and merge to accommodate varying loads, ensuring smooth and fast processing times.
The network leverages a Proof-of-Stake consensus mechanism, enhancing its security and efficiency compared to traditional Proof-of-Work systems. The integration of USDT, the world’s largest stablecoin by market capitalization, onto the TON network significantly boosts the network’s utility.
USDT’s presence on TON enables users to leverage the network’s high transaction speeds and low costs while maintaining Tether’s stability and liquidity. For Binance, integrating USDT on the TON network aligns with its broader strategy to support multiple blockchain networks, providing users diverse options for managing their digital assets.
Binance has provided users with specific token deposit addresses for USDT on the TON network to facilitate the new integration. This integration underscores Binance’s commitment to expanding its multi-chain capabilities and enhancing user experience by offering more options for seamless and efficient transactions.
