Transak integrates USDT on TON, enhancing crypto accessibility for over 5 million users.
The integration supports popular wallets, including Tonkeeper, Trust Wallet, and Telegram.
TON Foundation invests 11M Toncoin to boost USDT adoption and user incentives.
Transak, a leading fiat-to-crypto on-ramp, has announced the integration of Tether (USDT) stablecoin on The Open Network (TON) Blockchain.
The listing follows the strategic collaboration between the TON Foundation and Tether, that was unveiled on April 19, 2024, at the TOKEN2049 event in Dubai.
The collaboration leverages TON’s highly scalable blockchain technology, Telegram’s massive user base of over 900 million, and Transak’s user-friendly Web3 onboarding process to offer a frictionless, borderless peer-to-peer (P2P) payments experience for USDT.
To encourage widespread adoption, the TON Foundation also committed a substantial investment of 11 million Toncoin, valued at approximately $72 million. These funds are earmarked for initiatives such as rewards within the Telegram Wallet, liquidity provider incentives on TON Decentralized Exchanges, and zero-fee USDT withdrawals on major centralized exchanges.
Sami Start, CEO & Co-Founder of Transak, expressed excitement about this new offering, highlighting Transak’s commitment to promoting responsible financial freedom and self-custody of digital assets. He emphasized the significant role this collaboration plays in enabling millions to access USDT on TON through Transak’s platform.
Expanding Tether’s (USDT) accessibility and use cases
Following the USDT integration on TON, Transak now offers a seamless way for its over 5 million users to purchase USDT on TON using fiat.
Over 350 decentralized applications (dApps) that incorporate Transak can now also provide their users with an easy and direct way to buy USDT via Transak.
All this will significantly enhance the USDT’s accessibility and also expand its practical use cases.
Buying USDT on TON via Transak
To buy USDT on the TON network via Transak, can visit Transak’s website or the respective section in their preferred dApp and then choose USDT, select the TON network, and enter the desired purchase amount.
After selecting a payment method (credit card, debit card, bank transfer, or other regional options), users must provide their TON wallet address, such as those in Wallet in Telegram, Tonkeeper, or Trust Wallet.
Depending on the payment method and local regulations, additional verification may be required.
Once verified, users can complete the purchase, and Transak will securely process the transaction and transfer the USDT to the specified wallet.
Notably, accessing USDT on Wallet in Telegram would also facilitate instant, no-fee transfers of USDT among Telegram contacts anywhere in the world.