USDT stablecoin supply on TON blockchain crosses 500 million

Quick Take

  • The supply of USDT stablecoin on the TON network crossed 500 million after two months of rollout.
  • The Telegram-linked blockchain network has recently soared in popularity alongside in-app mini-games.

Tether USDT stablecoin’s net circulation surpassed 500 million on the The Open Network (TON). According to The Block’s USDT supply dashboard there were 519.28 million USDT stablecoins on the TON network as of Tuesday.

This comes around two months after Tether launched the U.S. dollar-backed stablecoin on TON, along with the company’s gold-backed stablecoin, XAUT. 

“The demand for USDT-TON is soaring, and it’s not surprising,” The Open Network announced via its official Telegram channel. “The ability to send digital dollars to anyone, anywhere, as easily as sending a text message, is a practical and real-world use case that sets USDT-TON apart.”

Earlier this month, TON blockchain’s total value locked crossed $600 million, which was double the value locked three weeks prior. TON now holds over $670 million, according to data from DefiLlama.

The network has gained traction this year as it became the preferred solution for Web3 integration for Telegram, which reportedly has over 900 million users worldwide.

The surge in TON’s network activity can also be attributed rising popularity of crypto mini-games playable on Telegram. Games such as Dotcoin, Catizen and Hamster Kombat adopt simple mechanics that lets users earn in-game currencies that could possibly earn them real token airdrops. 

TON blockchain’s native cryptocurrency, Toncoin, has also become the ninth largest cryptocurrency in the world with the market capitalization of $18.5 billion. It is being traded at $7.54 at the time of publication, according to The Block’s Toncoin price page.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.

Editor

To contact the editor of this story:
Vishal Chawla at
[email protected]