Net circulation of Tether's USDT stablecoin has surpassed the 500 million mark on The Open Network (TON). As of Tuesday, there were 519.28 million USDT stablecoins on the TON network.
USDT Stablecoin Supply on TON Blockchain Exceeds 500 Million
This milestone comes nearly two months after Tether introduced its gold-backed stablecoin, XAUT, as well as its US dollar-backed stablecoin on the TON blockchain.
In a statement via its official Telegram channel, The Open Network said, “The demand for USDT-TON is increasing, and this is not surprising.
“The ability to send digital dollars to anyone, anywhere, as easily as sending a text message is the practical, real-world use case that sets USDT-TON apart,” he said.
Earlier this month, the total value locked on the TON blockchain exceeded $600 million, doubling from three weeks ago. Currently, TON is worth over $670 million, according to data from DefiLlama.
The network has seen significant growth this year and has become the preferred solution for Web3 integration on Telegram, which has over 900 million users worldwide.
The increase in TON's network activity can also be attributed to the growing popularity of crypto mini-games on Telegram.
Games such as Dotcoin, Catizen, and Hamster Kombat, which allow users to earn in-game currencies that potentially lead to actual token airdrops, have contributed to this growth.
Additionally, Toncoin, the native cryptocurrency of the TON blockchain, has become the ninth largest cryptocurrency globally with a market cap of $18.5 billion.
*This is not investment advice.
