Transak Lists USDT on TON Blockchain, Targeting Telegram's 900 Million Users

This integration follows a strategic collaboration between the TON Foundation and Tether, unveiled on April 19, 2024, at TOKEN2049 in Dubai.

Text: A leading fiat-to-crypto on-ramp, Transak has announced the listing of USDT on The Open Network (TON) Blockchain. This integration follows a strategic collaboration between the TON Foundation and Tether, which was unveiled on April 19, 2024, at TOKEN2049 in Dubai.

With this development, over 5 million registered users of Transak across more than 160 countries now have access to USDT (Tether’s USD-pegged stablecoin). This integration enables any decentralized application (dApp) that utilizes Transak (currently over 350 dApps) to provide users with the option to purchase USDT on TON directly using fiat currencies. This move is expected to enhance the seamless experience of peer-to-peer (P2P) payments within these applications.

This launch represents a significant step in improving cryptocurrency accessibility by leveraging TON’s scalability and Telegram’s massive user base of over 900 million. The collaboration aims to provide a frictionless, borderless P2P payments experience for USDT holders.

As the largest stablecoin by market capitalization, Tether’s presence on TON could vastly expand its accessibility and use cases. Integration into Telegram’s built-in wallet, complete with on- and off-ramps, promises to provide millions of users with effortless entry and exit points into Web3. Moreover, USDT on TON is supported by other popular cryptocurrency wallets, including Tonkeeper and Trust Wallet.

According to Transak’s CEO & Co-Founder, Sami Start, “Transak has always been a proponent of responsible financial freedom and self-custody of digital assets. Hence, we are delighted to play a meaningful role in enabling millions to access USDT on TON through our platform.”

To encourage widespread adoption of USDT, the TON Foundation has committed a significant investment of 11 million Toncoin, valued at approximately $72 million (at the time of writing). These funds will be allocated towards initiatives such as rewards within the Telegram Wallet, liquidity provider rewards on TON Decentralized Exchanges, and zero-fee USDT withdrawals on major centralized exchanges.

Buying USDT-TON On Transak

To purchase USDT-TON on Transak, follow these simple steps:

1. Visit the global.transak.com website or navigate to the section within your chosen dApp that uses Transak for fiat-to-crypto purchases.

2. Once there, select USDT and specify the TON network as your desired blockchain. Enter the amount of USDT you wish to purchase.

3. Next, choose your preferred payment method. Transak supports various options, including credit cards, debit cards, bank transfers, and other regional payment methods. Select the method that is most convenient for you.

4. After selecting your payment method, you’ll need to provide the wallet address where you want to receive your USDT tokens. Supported wallets include Wallet in Telegram, Tonkeeper, or Trust Wallet. Enter the wallet address carefully to ensure your tokens are delivered correctly.

5. Depending on the payment method you choose and local regulations, Transak may require you to complete additional verification. This process could involve submitting identification documents or completing a brief KYC (Know Your Customer) process to comply with regulatory requirements.

6. Once all necessary details are entered and verified, proceed with the purchase. Transak will securely process your payment and transfer the equivalent amount of USDT to the wallet address you provided. This transaction will be swift and straightforward, allowing you to access USDT-TON quickly and conveniently through Transak’s platform.

By following these steps, you can take advantage of Transak’s seamless integration with TON and begin using USDT within the Telegram ecosystem or any other supported decentralized application, contributing to the growth of decentralized finance (DeFi) and Web3 technologies.

The integration of USDT on TON through Transak marks a significant step in enhancing the usability and accessibility of cryptocurrencies, especially within the Telegram ecosystem. This development is poised to bring a new level of convenience and efficiency to global P2P transactions, further driving the adoption of DeFi and Web3.