Tether (USDT) on the TON network
In April 2024, the stablecoin issuer Tether (USDT) added support for the TON network. From now on, users can make transactions with a real USDT token on the TON network.
Integration of Tether into the TON blockchain
In early May 2024, Tether launched a promotion with the TON Foundation to raise liquidity in USDT tokens on the Toncoin network.
In just two weeks, the capitalization of USDT stablecoin in the TON network exceeded $230 million, however, as of May 2024, this represents only 0.2% of the aggregate figure of $113 billion. The capitalization in the TON network is fully confirmed by the reserve data published on the Tether website. This number can also be verified using the Tonscan browser at the address of the USDT smart contract on the TON network, which can be found on the Tether page of the CoinMarketCap website. As of May 2024, the data provided on the Tether and CoinMarketCap websites are in complete agreement, which confirms the transparency of the USDT issuer's reserves.
According to Tether CEO Paolo Ardoino, Tether aims to cover as many Web3 services as possible so that users can transfer USDT tokens worldwide. However, there are some restrictions due to Tether's policies. For example, users who are residents of the United States as well as some banned countries cannot use USDT on the TON blockchain.
Another goal of integrating Tether into the TON blockchain is to provide the TON community and Telegram messenger with access to a wide class of decentralized products and services, as well as to facilitate entry into Web3 and reduce the risks associated with cryptocurrency volatility. It is worth noting that Telegram's base consists of more than 900 million users worldwide. Thus, the integration will attract a large number of users to the TON ecosystem and significantly increase the liquidity of USDT in this blockchain.
What are the benefits of storing and using USDT on the TON network?
The TON network is one of the fastest and cheapest networks for transactions. As of May 2024, the average TON transfer fee is only about $0.3.
In October 2023, the TON team stress-tested their network and set a world record for the number of transactions processed per second (TPS) on the blockchain: 104 655. Thus, the TON network is one of the best options for users who need to quickly and cost-effectively transfer USDT somewhere. The same applies to other transactions that are available in the decentralized finance (DeFi) environment.
Since USDT on the TON network has been launched recently, it gives token holders the opportunity to earn higher returns (APR) from deposits, liquidity mining and farming in the Toncoin ecosystem. It is worth noting that the TON ecosystem is growing rapidly, and in order to attract as many users to it as possible, the TON Foundation team is allocating additional reserves to reward liquidity providers.
What wallets support USDT in the TON network?
TON has its own unique token format, which in this blockchain are known as jettons. The following cryptocurrency wallets support these tokens:
- Tonkeeper;
- Ledger (hardware wallet);
- MyTonWallet;
- Tonhub;
- TON Space.
Where to buy USDT for TON?
Tether tokens in the Toncoin network can be purchased through exchangers, the list of which is available on the BestChange website. To display the list of relevant exchangers in the exchange table, simply select the direction "preferred method of purchase" → Tether TON (USDT).
USDT on TON can be purchased using different currencies in several ways:
- via electronic payment systems;
- by bank transfer (by card number, account number or fast payment system);
- cash;
- other ways (for example, from the balance of a crypto exchange or from a phone account).
How to buy USDT with BestChange?
The exchange procedure is quite simple:
- In the exchange table on the BestChange website, you need to select the appropriate direction to buy USDT on the TON network;
- In the list of exchangers that appears, you need to select a suitable one and go to its website. In addition to the list of exchangers, users can find detailed information about each service, such as limits, reserve status, peculiarities of its work and much more;
- Fill out an application for exchange and receive details for payment by the chosen method;
- Transfer funds (or cryptocurrency) by the chosen method to the details specified by the exchanger and receive USDT tokens in the TON network to your cryptocurrency wallet.
