USDT Supply on TON Network Exceeds $500 Million
Date: 2024-06-26 Author: Henry Casey Categories: BUSINESS
Tether's stablecoin USDT has reached a new milestone on The Open Network (TON), surpassing $500 million in supply. This significant result was achieved just two months after the launch of USDT on the network, highlighting the growing interest and demand for this asset .
As of June 26, 2024, the supply of USDT on the TON network reached $519.28 million, according to The Block. This growth was made possible thanks to the integration of the stablecoin into the TON network in April 2024. The TON team noted in their Telegram channel that the popularity of USDT in their network continues to grow, which indicates its demand among users.
Advantages of USDT on the TON Network
TON representatives emphasized that the unique opportunities provided by their network are contributing to the growing popularity of USDT. The ability to easily and quickly send stablecoins to anyone, anywhere makes using USDT with TON particularly attractive. This practical application of digital currency sets TON apart from other blockchains.
In addition to the TON network, USDT is also available on networks such as TRON, Ethereum, Solana and others. However, the largest part of the circulating supply of stablecoins is concentrated in the TRON and Ethereum ecosystems. The introduction of USDT to the TON network has added another platform for users wanting to use this stablecoin.
Increase in Total Value Locked (TVL)
In June 2024, the total value locked (TVL) of the TON blockchain exceeded $600 million. Since March 2024, this figure has increased more than 20 times, indicating a significant increase in activity on the network. This growth is due not only to the increase in the supply of USDT, but also to other factors.
The TON network has gained popularity due to its integration with the Telegram messenger and the launch of a number of Web3 applications. In particular, games such as Catizen, Notcoin and Hamster Kombat contributed to the increase in online activity. These games use simple mechanics that allow users to earn in-game currency and qualify for real rewards.
Growing Popularity of Toncoin
Toncoin, the native token of the TON blockchain, is also showing impressive results. With a market capitalization of $18.37 billion, it is among the top 10 cryptocurrencies, according to CoinMarketCap. At the time of publication, Toncoin is trading at $7.47, highlighting its importance in the cryptocurrency market.
The supply of USDT on the TON network, which exceeded $500 million, demonstrates the significant growth and demand of the stablecoin in this ecosystem. The rapid integration, growth of TVL and the popularity of Toncoin highlight the success of the TON network and its attractiveness to users. Integration with Telegram and the launch of Web3 applications play a key role in the further development of the network and attracting new users.
