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Binance Integrates USDT Support on TON Blockchain
Binance has integrated support for Tether (USDT) stable currency on the TON blockchain.
Since March, The Open Network has been turning heads as capital flows into the ecosystem and user activity breaks record after record.
Binance integrates USDT support on TON
Binance has announced adding USDT on the TON blockchain. With this integration, the space for deposits and withdrawals has been opened up.
The upgrade is crucial for TON, as USDT is the largest stablecoin in terms of market capitalization. Stablecoins offer essential stability in the volatile blockchain market, with USDT maintaining its dominance thanks to its liquidity, accessibility, integration with decentralized finance (DeFi) and usefulness in cross-border transactions.
In April, USDT issuer Tether announced its collaboration with TON. This alliance aims to offer crypto transactions worldwide, providing financial solutions for unbanked populations. This partnership is intended to create a borderless financial system through decentralized technology, improving the accessibility and efficiency of transactions.
To know more: How to Buy USDT in Three Easy Steps: A Beginner’s Guide
It is interesting to note that Toncoin, the native token of the TON blockchain, is not yet listed on Binance. Currently, the ninth largest cryptocurrency is only available in perpetual form futures.
However, the stock market may surrender to the growing demand for TON. Maarten, community manager and analyst at CryptoQuant, highlighted The Open Network as one of the most popular blockchains. He cited various on-chain metrics that have skyrocketed, indicating the network’s steady growth.
Toncoin’s on-chain metrics are increasing
Key on-chain metrics show significant growth in The Open Network, starting with transfer volume. This metric shows the total amount of on-chain USD tokens traded for a given asset over a given time frame. Maarten notes that the total value of transactions made through the TON blockchain ranges between $5 billion and $10 billion.
Compared to Bitcoin’s average daily transfer volume of around $50 billion, TON has already reached around 10% of the capacity recorded by BTC. Given that TON is only four years old, this is no mean feat.
To know more: 6 Best Toncoin Wallets in 2024
TON Transfer volume. Source: CryptoQuant
Another on-chain metric that indicates massive growth for the TON chain is the number of Toncoin holders. This metric quantifies the number of distinct addresses holding a token in predefined balance ranges, providing insight into the distribution of ownership.
Maarten’s analysis shows 32 million Toncoin holders, up from 2.9 million a year ago. This represents an increase of 1003% in one year and indicates the growing popularity of the TON token.
To know more: What are Telegram bot coins?
The popularity of the Open Network is increasing due to the simple reward in terms of tokens Games like Notcoin (NOT), Yescoin and Hamster Kombat. Telegram, the popular messaging platform with nearly 1 billion users, uses The Open Network as its preferred solution for Web3 integration.
Another bullish indicator for the TON blockchain is the recent investment by Pantera Capital. The venture capital firm has invested an undisclosed sum in The Open Network, marking a significant milestone as TON continues to gain traction within Telegram’s large user base.
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