Transak, a prominent crypto payment infrastructure provider, has made a strategic move to enhance its platform by adding support for Tether’s USDT on The Open Network (TON). This integration marks a significant milestone for the platform, expanding its services to a broader global audience and offering a more seamless peer-to-peer trading experience to users across over 150 countries.
The Open Network (TON), initially affiliated with the messaging giant Telegram, is garnering increased attention with its robust growth and technological developments. The network has demonstrated its potential to compete with some of the most established blockchains in the industry, primarily due to its association with Telegram’s vast user base of approximately 900 million. The recent addition of USDT on TON opens up new possibilities for users within the TON ecosystem.
In a generous initiative to boost early adoption, the TON Foundation has announced the allocation of around 11 million TON to reward early adopters of USDT on the network. Of these, 5 million TON have been dedicated to enhancing rewards on platforms like DeDust and STON.fi, while another 5 million TON have been reserved for participants in the Wallet’s Earn campaign on Telegram. These incentives are expected to encourage user engagement and further bolster network activity.
This collaboration between Tether and TON Foundation was initially launched at the TOKEN2049 event in Dubai. The integration facilitated by Transak allows millions of users to acquire USDT on the TON blockchain with reduced fees compared to traditional methods. This development is expected to contribute significantly to the TON blockchain’s liquidity and usability, offering users financial freedom and enabling self-custody of their digital assets.
Transak’s integration of USDT on the TON protocol is not just about adding another cryptocurrency to its offerings. It is a strategic move that aligns with the company’s vision of providing financial freedom to users across the globe. By serving as a middleman for purchasing USDT on TON, Transak plays a crucial role in facilitating access to a stable digital currency that can be used for various online transactions, reflecting the increasing maturation and interconnectedness of the cryptocurrency ecosystem.
As the TON network continues to attract users and developers, its collaboration with global entities like Transak indicates a growing acceptance and integration of cryptocurrency infrastructure into mainstream technology platforms. In related updates, Bybit’s CEO revealed the exchange’s proof-of-reserves and the Nansen dashboard displaying the cryptocurrencies held on the platform, promoting transparency and trust in the crypto space. Meanwhile, the TON ecosystem saw Catizen become a hit Gaming Bot with over 7 million users enjoying the Beta version, and Notcoin displayed the effectiveness of leveraging Telegram’s user base and social features to engage users in the crypto space.
In conclusion, the support of USDT on TON by Transak highlights a significant advance in the convergence of traditional financial services with decentralized technologies. It offers a glimpse into a future where digital assets are easily and securely accessible, providing an inclusive financial infrastructure for people worldwide. As the TON blockchain continues to evolve and integrate with global payment systems, it is setting a standard for innovation and user adoption in the burgeoning cryptocurrency market.
