Transak Integrates USDT on TON Network
In April, the TON Foundation announced an 11 million TON reward allocation for early USDT adopters on The Open Network, following its partnership with Tether.
Seamless Peer-to-Peer Experience
Transak, a provider of crypto payment infrastructure, has integrated Tether’s stablecoin USDT on The Open Network (TON). This aims to deliver a seamless, borderless peer-to-peer (P2P) experience for users.
Initial Expansion into TON Ecosystem
Transak expanded into the TON ecosystem in September 2023 by partnering with Tonkeeper, the protocol’s wallet on Telegram.
Access for Global Traders
After months of integration, Transak now enables traders in over 150 countries to access USDT on TON directly through its platform, further expanding its offerings within the TON ecosystem.
Background and Partnership
The latest development follows Tether’s partnership with the TON Foundation, announced in April 2024 at the TOKEN2049 blockchain event in Dubai. This collaboration allowed Transak to integrate USDT on TON, providing millions of users on its platform the ability to acquire USDT with lower fees.
DeFi Applications and User Exposure
This move benefits over 350 decentralized finance (DeFi) applications using Transak for payments by allowing them to offer USDT purchases with various fiat currencies. Transak’s user base of 5 million, combined with Telegram’s 900 million users, enhances the TON network’s exposure, positioning it to compete with established blockchain networks.
Commitment to Financial Freedom
Sami Start, Transak’s co-founder and CEO, emphasized the company’s dedication to financial freedom. “Transak has always supported responsible financial freedom and self-custody of digital assets. We are thrilled to help millions access USDT on TON through our platform,” Start said.
TON Foundation’s Reward Initiative
In April, alongside its Tether partnership, the TON Foundation announced an 11 million TON reward allocation for early USDT adopters on The Open Network.
Distribution of Rewards
- Liquidity Pools: 5 million TON will boost rewards in DeDust and STON.fi liquidity pools.
- Wallet’s Earn Campaign: Another 5 million TON will reward participants in the Wallet’s Earn campaign on Telegram using USDT.
- Crypto Exchanges: The remaining tokens will reward users through crypto exchanges supporting the TON Network, offering fee-free conversions to TON.
Users buying digital assets on the TON ecosystem can convert them to TON without paying transaction fees, although free withdrawals are limited to conversions to TON.
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