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Transak Now Supports USDT on TON, Simplifying Fiat-to-Crypto Transactions

source-logo  blockchainreporter.net 23 May 2024 11:32, UTC

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

With this development, USDT (Tether’s USD-pegged stablecoin) is now available to over 5 million registered users of Transak across more than 160 countries. This integration allows any decentralized application (dApp) leveraging Transak (over 350 dApps currently) to offer users 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.

The launch of USDT on TON represents a significant step forward in improving cryptocurrency accessibility. Leveraging TON’s scalability and Telegram’s massive user base of over 900 million, this collaboration aims to deliver 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. USDT on TON is also 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

Users can follow simple steps to purchase USDT-TON on Transak. First, visit the global.transak.com website or navigate to the section within your chosen dApp that uses Transak for fiat-to-crypto purchases. Once there, select USDT and specify the TON network as your desired blockchain. Enter the amount of USDT you wish to purchase.

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.

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.

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.

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 milestone 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, furthering the adoption of DeFi and Web3.