Transak Brings USDT to TON Blockchain Enhancing Web3 Transactions

Key Insights:

• Transak’s USDT integration on TON enables seamless, low-cost access to stablecoins for users in over 150 countries.
• The partnership between Tether and TON Foundation boosts TON’s ecosystem, offering incentives to early adopters of USDT.
• Transak expands its crypto services, benefiting 350+ DeFi applications with new fiat-to-USDT conversion options on the TON network.

Transak, a crypto payment infrastructure provider, has announced the addition of Tether’s stablecoin, USDT, to The Open Network (TON). This integration aims to offer users a streamlined and borderless peer-to-peer (P2P) transaction experience.

Transak initially entered the TON ecosystem in September 2023 through a strategic partnership with Tonkeeper, TON’s official wallet on Telegram. This move was part of Transak’s broader strategy to expand its crypto services and enhance user experience by integrating with emerging blockchain networks.

The recent addition of USDT to TON allows users in over 150 countries to access the stablecoin directly through Transak’s platform. This integration is expected to enhance the utility of the TON ecosystem by providing users with more options for digital asset transactions.

Partnership with Tether and TON Foundation

This development is the result of a collaboration between Tether, the issuer of USDT, and the TON Foundation, the organization managing The Open Network. The partnership was initially unveiled in April 2024 during the TOKEN2049 blockchain event in Dubai. The collaboration aimed to integrate USDT into the TON network, enhancing its utility and reach.

Through this partnership, Transak serves as an intermediary, enabling users to purchase USDT on the TON network at competitive fees. This service is anticipated to benefit both retail and institutional users, providing them with a cost-effective method to acquire stablecoins.

Benefits for DeFi Applications and Users

The inclusion of USDT on TON is set to benefit more than 350 decentralized finance (DeFi) applications that utilize Transak for payments. These applications can now offer their users the option to buy USDT with various fiat currencies, thus broadening their payment options and enhancing user convenience.

Additionally, the TON network stands to gain from Transak’s extensive user base, which currently includes around 5 million registered users. This increased exposure is expected to attract more users to the TON ecosystem, further supported by Telegram’s substantial user base of approximately 900 million. This could position the TON network to compete with some of the industry’s established blockchains, catering to a global audience.

TON Foundation’s Incentive Initiative

In conjunction with the integration of USDT, the TON Foundation has announced an initiative to reward early adopters of USDT on the network. This initiative includes the allocation of around 11 million TON tokens. Of these, 5 million TON will be used to boost rewards in the liquidity pools of decentralized platforms DeDust and STON.fi.

Another 5 million TON will be distributed to users participating in the Wallet’s Earn campaign on Telegram using USDT. The remaining tokens are allocated to reward users through crypto exchanges supporting the TON Network. Users can purchase TON or other digital assets on the blockchain without incurring additional charges, although free withdrawals are only available for users converting their assets to TON.

Transak’s Commitment to Financial Freedom

Sami Start, co-founder and CEO of Transak, emphasized the company’s dedication to promoting financial freedom and self-custody of digital assets. Start expressed delight in enabling millions of users to access USDT on TON through Transak’s platform, highlighting the company’s commitment to providing responsible financial solutions.

This development marks a milestone in Transak’s ongoing efforts to expand its service offerings and enhance user access to stablecoins on emerging blockchain networks. The integration of USDT on TON is expected to drive greater adoption of the TON network and support its growing ecosystem of decentralized applications and services.