Transak, a leading fiat-to-crypto on-ramp, has recently announced its support for USDT on the TON Blockchain, making it simpler for users to conduct fiat-to-crypto transactions. This integration comes as a result of a strategic collaboration between the TON Foundation and Tether that was unveiled in April 2024 at TOKEN2049 in Dubai.
With the listing of USDT on TON, Transak’s over 5 million registered users across 160 countries now have the ability to purchase USDT directly using fiat currencies. This integration is expected to enhance the seamless experience of peer-to-peer payments within decentralized applications (dApps) that rely on Transak.
This development is a significant step in improving the accessibility of cryptocurrencies. Leveraging TON’s scalability and Telegram’s massive user base of over 900 million, the collaboration aims to deliver a frictionless and borderless peer-to-peer payments experience for USDT holders.
The presence of Tether’s largest stablecoin on TON could greatly expand its accessibility and use cases. Integration into Telegram’s built-in wallet, along with support from other popular cryptocurrency wallets, promises to provide millions of users with effortless entry and exit points into the world of Web3.
Transak’s CEO & Co-Founder, Sami Start, expressed delight in playing a meaningful role in enabling millions to access USDT on TON through their platform. To encourage widespread adoption of USDT, the TON Foundation has invested 11 million Toncoin, valued at approximately $72 million, into initiatives such as rewards within the Telegram Wallet and liquidity provider rewards on TON Decentralized Exchanges.
Users can easily purchase USDT-TON on Transak by following a few simple steps. They need to visit the Transak website or access the relevant section within their chosen dApp that utilizes Transak for fiat-to-crypto purchases. From there, users can select USDT, specify the TON network, and enter the desired amount of USDT to purchase.
Transak offers various payment methods, such as credit cards, debit cards, bank transfers, and regional payment options. Once the payment method is chosen, users will need to provide a wallet address to receive the purchased USDT tokens. Supported wallets include Wallet in Telegram, Tonkeeper, or Trust Wallet.
Depending on the chosen payment method and local regulations, additional verification may be required, involving the submission of identification documents or completing a brief KYC process to comply with regulatory requirements.
Once all the necessary details are entered and verified, the purchase will be processed securely, and the equivalent amount of USDT will be transferred to the provided wallet address. This transaction is expected to be swift and straightforward, allowing users to quickly access USDT-TON through Transak’s platform.
By taking advantage of Transak’s integration with TON, users can start using USDT within the Telegram ecosystem, as well as other supported decentralized applications. This not only contributes to the growth of decentralized finance (DeFi) and Web3 technologies but also brings a new level of convenience and efficiency to global peer-to-peer transactions. Ultimately, this integration marks a significant milestone in enhancing the usability and accessibility of cryptocurrencies, particularly within the Telegram ecosystem.