Transak, a prominent platform for converting fiat currency to cryptocurrency, has announced the addition of USDT to The Open Network (TON) Blockchain. This integration is the result of a strategic partnership between the TON Foundation and Tether, which was unveiled on April 19, 2024, at TOKEN2049 in Dubai.
As a result of this collaboration, Transak’s over 5 million registered users in more than 160 countries now have access to USDT (Tether’s stablecoin pegged to the USD). This integration enables any decentralized application (dApp) utilizing Transak (currently over 350 dApps) to offer users the option to purchase USDT on TON directly using fiat currencies. This move is expected to streamline peer-to-peer (P2P) payments within these applications.
The introduction of USDT on TON represents a significant advancement in increasing the accessibility of cryptocurrencies. By leveraging TON’s scalability and Telegram’s massive user base of over 900 million, this partnership aims to provide a seamless, borderless P2P payment experience for USDT holders.
Tether, as the largest stablecoin by market capitalization, stands to benefit greatly from its presence on TON in terms of expanded accessibility and use cases. Integration into Telegram’s integrated wallet, which includes on- and off-ramps, is expected to offer millions of users easy entry and exit points into Web3. USDT on TON is also supported by other popular cryptocurrency wallets such as Tonkeeper and Trust Wallet.
CEO & Co-Founder of Transak, Sami Start, expressed enthusiasm, stating, “Transak has always advocated for responsible financial freedom and self-custody of digital assets. Therefore, we are excited to play a significant role in enabling millions to access USDT on TON through our platform.”
To encourage widespread adoption of USDT, the TON Foundation has committed a substantial investment of 11 million Toncoin, valued at approximately $72 million (at the time of writing). These funds will be utilized for initiatives like rewards within the Telegram Wallet, liquidity provider rewards on TON Decentralized Exchanges, and zero-fee USDT withdrawals on major centralized exchanges.
Purchasing USDT-TON on Transak is a straightforward process. Users can visit the global.transak.com website or navigate to the appropriate section within their chosen dApp utilizing Transak for fiat-to-crypto transactions. Select USDT, specify the TON network as the desired blockchain, and enter the desired amount of USDT to purchase.
Choose a preferred payment method from the various options supported by Transak, including credit cards, debit cards, bank transfers, and other regional payment methods. Once the payment method is selected, provide the wallet address where you want to receive the USDT tokens. Supported wallets include Wallet in Telegram, Tonkeeper, or Trust Wallet.
Depending on the payment method and local regulations, additional verification may be required by Transak, such as submitting identification documents or completing a brief KYC process. Once all necessary details are entered and verified, Transak will securely process the payment and transfer the equivalent amount of USDT to the provided wallet address.
By following these steps, users can leverage Transak’s seamless integration with TON to quickly access USDT-TON within the Telegram ecosystem or any other supported decentralized application, contributing to the growth of decentralized finance (DeFi) and Web3 technologies.
The addition of USDT on TON through Transak signifies a significant milestone in enhancing the usability and accessibility of cryptocurrencies, particularly within the Telegram ecosystem. This development is poised to bring a new level of convenience and efficiency to global P2P transactions, further advancing the adoption of DeFi and Web3 technologies.