- Binance integrated Tether with the Toncoin network
- Despite this update, TON’s price dropped on the charts
Binance has officially announced the integration of Tether on the Toncoin [TON] network. This integration allows users to deposit and withdraw USDT directly on the Telegram-linked blockchain, known for its fast transaction speeds and low fees.
Binance and Tether join forces
This integration represents a strategic victory for both parties. Binance is strengthening its multi-chain offering by integrating the world’s leading stablecoin, USDT. USDT’s stability and immense liquidity, supported by its position as the largest stablecoin by market capitalization, injects significant value into the TON network.
Users can enjoy the benefits of TON while enjoying seamless trading and USDT’s asset management capabilities.
Source: Binance
Furthermore, Binance’s initiative is in line with its commitment to fostering a diverse blockchain ecosystem. By integrating TON, Binance offers users a wider range of options for managing their digital assets.
To ensure a smooth transition, Binance has provided dedicated deposit addresses and smart contract details for USDT on TON.
There’s some trouble brewing for TON
It is worth noting that this integration takes place against the backdrop of expected regulatory changes within the European Economic Area (EEA). Uphold’s recent decision to delist several stablecoins, including USDT, in anticipation of the upcoming MiCA regulations serves as an example.
Binance’s embrace of TON can be seen as a strategic move to navigate this evolving regulatory landscape.
However, despite these updates, TON’s price did not see much growth. Over the past week, the price of TON fell by 7.11%. The price drop was significant enough to change the overall trend of TON’s price movement. If the market continues to develop in this way, TON could bleed significantly.
AMBCrypto’s analysis of Santiment’s data found that network growth around TON also dropped significantly in recent days, indicating that the number of new addresses interacting with the TON token has decreased. Furthermore, the speed at which TON traded also decreased – a sign that the frequency at which TON was moved decreased.
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If new addresses continue to lose interest and speeds continue to drop, hopes for a turnaround for TON could diminish even further.
Source: Santiment