Transak, a well-known platform for converting fiat currency to cryptocurrency, has announced that it will be listing USDT on The Open Network (TON) Blockchain. This integration is the result of a strategic collaboration between the TON Foundation and Tether, which was revealed at the TOKEN2049 event in Dubai on April 19, 2024.
As a result of this partnership, the more than 5 million registered users of Transak in over 160 countries will now have access to USDT, which is Tether’s stablecoin pegged to the US dollar. This integration allows any decentralized application (dApp) that uses Transak (currently over 350 dApps) to offer users the option to purchase USDT on TON directly using fiat currencies. This move is expected to improve the seamless experience of peer-to-peer payments within these applications.
The introduction of USDT on TON represents a significant step forward in making cryptocurrencies more accessible. By leveraging TON’s scalability and Telegram’s massive user base of over 900 million, this collaboration aims to provide a frictionless, borderless peer-to-peer payments experience for USDT holders.
As the largest stablecoin by market capitalization, Tether’s presence on TON could greatly expand its accessibility and potential uses. Integration into Telegram’s built-in wallet, which includes on- and off-ramps, is expected to provide millions of users with easy entry and exit points into Web3. USDT on TON is also supported by other popular cryptocurrency wallets, such as Tonkeeper and Trust Wallet.
Sami Start, the CEO and Co-Founder of Transak, expressed his excitement about enabling millions of people to access USDT on TON through their platform. Transak has always advocated for responsible financial freedom and self-custody of digital assets.
To encourage widespread adoption of USDT, the TON Foundation has made a significant investment of 11 million Toncoin, which is currently valued at approximately $72 million. These funds will be used for various initiatives, including rewards within the Telegram Wallet, liquidity provider rewards on TON Decentralized Exchanges, and zero-fee USDT withdrawals on major centralized exchanges.
To purchase USDT-TON on Transak, users can follow a few simple steps. They need to visit the global.transak.com website or go to the section within their chosen dApp that uses Transak for fiat-to-crypto purchases. From there, users can select USDT and specify the TON network as their desired blockchain. They then enter the desired amount of USDT to purchase.
Users can choose from various payment methods supported by Transak, including credit cards, debit cards, bank transfers, and other regional payment methods. Once the payment method is selected, users need to provide the wallet address where they want to receive their USDT tokens. Supported wallets include the Wallet in Telegram, Tonkeeper, or Trust Wallet. It is important to enter the wallet address accurately to ensure the tokens are delivered correctly.
Depending on the chosen payment method and local regulations, Transak may require users to complete additional verification, such as submitting identification documents or going through a brief Know Your Customer (KYC) process to comply with regulatory requirements.
Once all the necessary details are entered and verified, users can proceed with the purchase. Transak will securely process the payment and transfer the equivalent amount of USDT to the provided wallet address. This transaction will be quick and straightforward, allowing users to access USDT-TON promptly and conveniently through Transak’s platform.
By following these steps, users can take advantage of Transak’s seamless integration with TON and start using USDT within the Telegram ecosystem or any other supported decentralized application. This will contribute to the growth of decentralized finance (DeFi) and Web3 technologies.
The integration of USDT on TON through Transak is a significant milestone in improving the usability and accessibility of cryptocurrencies, especially within the Telegram ecosystem. This development is expected to bring a new level of convenience and efficiency to global peer-to-peer transactions, further promoting the adoption of DeFi and Web3 technologies.
