Web3 Payment Firm Transak Adds Support for USDT on TON Blockchain

On May 23, 2024 at 3:04 pm UTC by · 3 min read

In April, after revealing its partnership with Tether, the TON Foundation announced that it would allocate around 11 million TON to reward early adopters of USDT on the Open Network.

Transak, a crypto payment infrastructure provider, has added support for Tether’s stablecoin USDT on The Open Network (TON). This integration aims to provide users with a seamless, borderless peer-to-peer (P2P) experience.

Transak initially expanded into the TON ecosystem in September 2023 through a partnership with Tonkeeper, the protocol’s wallet on Telegram.

According to recent reports, after several months of integrating and exploring The Open Network, Transak now allows traders in over 150 countries to access USDT on the protocol directly through its platform.

The addition of USDT support further extends Transak’s offerings within the TON ecosystem.

Transak Adds Support for USDT on TON Network

The latest development follows a partnership between Tether, the issuer of USDT, and the TON Foundation, the independent organization overseeing the affairs of the Open Network.

The collaboration, announced in April 2024 during the TOKEN2049 blockchain event in Dubai, set the stage for Transak’s integration of USDT on TON. This integration allows millions of users on Transak’s platform to acquire USDT on the TON network. The company will serve as a middleman between its users who want to purchase USDT through the Ton Network at a relatively cheaper fee.

The move has also provided an opportunity for more than 350 decentralized finance (DeFi) applications using Transak for payments to offer their users the option to buy USDT, the third-largest crypto by market capitalization, with various fiat currencies.

The TON network will also benefit from Transak, which currently has about 5 million registered users to gain more exposure to users across the globe. Coupled with Telegram’s extensive user base of around 900 million, the network could position itself to compete with some of the oldest chains in the industry, catering to a broader global audience.

Transak’s co-founder and chief executive officer Sami Start said the company is committed to providing financial freedom to users.

“Transak has always been a proponent of responsible financial freedom and self-custody of digital assets. We are delighted to play a meaningful role in enabling millions to access USDT on TON through our platform,” said Start.

TON Foundation Unveils 11 Million Toncoin Initiative

Meanwhile, in April, after revealing its partnership with Tether, the TON Foundation announced that it would allocate around 11 million TON to reward early adopters of USDT on the Open Network.

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 will be allocated to reward users through crypto exchanges supporting the TON Network. Users can buy TON or other digital assets on the blockchain without incurring additional charges.

However, free withdrawals are only available for users converting their assets to TON. For example, if you buy a digital asset on the TON ecosystem, you can convert it to TON without paying transaction fees.

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