Crypto exchange OKX has added support for the stablecoin Tether (USDT) on The Open Network (TON) blockchain, the exchange made this announcement on X (formerly Twitter).
OKX is now the first exchange to offer USDT-TON trading
The trading platform team added deposits and withdrawals in USDT on the TON blockchain on April 19, 2024. However, this happened several hours after the issuer of the USDT stablecoin, Tether, launched the issuance of stablecoins on the TON blockchain, issuing the first $10 million in USDT.
We’re thrilled to add support for $USDT on @ton_blockchain for both deposits and withdrawals. đź’Ž
Learn more: https://t.co/mu4cRHFE1t pic.twitter.com/2LRxaS8A1f
— OKX (@okx) April 21, 2024
According to representatives of Tether and TON, the integration will give more than 900 million Telegram users unhindered access to the most popular stablecoin on the crypto market through the wallet built into the messenger. In addition, sending stablecoins will be possible directly by indicating a nickname in the messenger, without the need to specify a crypto address. Moreover, the cost of transactions through a crypto wallet in Telegram will be $0.1.
The partnership will bring USDT to Telegram users
The goal of the partnership, aimed at mass adoption of cryptocurrencies, is to “connect hundreds of millions of crypto users to Web3,” said the TON Foundation, the non-profit organization behind the development of the TON ecosystem. However, the Open Network Foundation will use $69 million to stimulate the adoption of USDT in the ecosystem.
“This furthers our mission to provide open financial infrastructure in the blockchain space,” said Paolo Ardoino of Tether.
OKX and TON maintain close cooperation, and its notable to mention that at the end of 2023, OKX launched the TONomania educational initiative, which involved completing quests to learn more about The Open Network blockchain. In March 2024, OKX hosted a “TON Treasure Hunt,” in which participants received rewards for completing tasks related to active trading of TON on the spot and derivatives markets. OKX was also the first major crypto exchange to list TON in 2021. Moreover, let us remind you that over the past month the Toncoin cryptocurrency has risen in price by 29% – to $6.2.
