OSL Digital Securities, Hong Kong’s premier regulated digital asset platform, has introduced Toncoin (TON) into its over-the-counter (OTC) trading services to extend its offers to professional investors.
According to a press release, the addition enables eligible users to trade TON against USD, USDT, and HKD. It also benefits from OSL’s secure custody services and fiat on/off-ramp solutions.
With TON’s strong alignment with Telegram, a widely used messaging platform, the token has gained significant traction globally, particularly within the Web3 community.
What Does This Mean For TON?
The Open Network, designed for Telegram integration, prioritizes scalability, security, and cross-chain interoperability. Since its launch, TON attracted substantial funding. It includes a reported $250 million investment from Pantera Capital and a recent $5 million tranche by OKX.
According to a September report, TON has surpassed 1 billion transactions.
Innovations like gasless transactions and partnerships have primarily driven the TON growth. However, a high-profile DOGS memecoin airdrop, which accounted for 30% of activity, caused two network outages. During this surge, the network processed 20 million transactions and reached a record daily active user count, though it also faced rising fees and overwhelmed validators.
It remains to be seen how the addition in Hong Kong will affect the whole ecosystem’s stability.
Increasing Market Demand Amid TON Growth
Introducing these trading pairs (TON/USD, TON/USDT, and TON/HKD) enables professional investors to capitalize on The Open Network and gain easy access to it in Hong Kong.
In addition to trading, OSL’s services, including secure custody and fiat interoperability, offer a robust framework for new investors.
The integration also aligns with broader market trends. Institutional and retail interest in blockchain projects linked to widely-used applications like Telegram continues to rise.
A report from last year showed that Telegram had $400 million in crypto by the end of 2023, with digital assets contributing 40% to its revenue through integrated wallets and digital collectibles. Despite generating $342.5 million in revenue, Telegram faced an operating loss of $108 million for the year.
Notably, Tether, in collaboration with Phoenix Group and Green Acorn, has also announced the launch of a Dirham-pegged stablecoin on the TON blockchain.
This move comes amid Tether’s growing presence on the TON blockchain. Its USDT stablecoin achieved unprecedented adoption, reaching one billion USDT within six months—a record in Tether’s history.
The global stablecoin market, valued at $150 billion, is projected to grow significantly, potentially reaching $2.8 trillion by 2028.
Tether’s USDT, which holds a dominant market cap of over $115 billion, continues to focus on regions like Turkey, Argentina, and Brazil, where high inflation drives demand for stable digital currencies.
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