Tether’s stablecoin, USDT, has reached a new milestone on The Open Network (TON), with its net circulation surpassing 500 million.
As per The Block’s USDT supply dashboard, there were 519.28 million USDT stablecoins on the TON network as of Tuesday.
The turnover comes just two months after Tether introduced the USDT stablecoin on TON, alongside its gold-backed stablecoin, XAUT. This move was touted as to boost, peer-to-peer payments for Telegram’s huge base of nearly 900 million users and increase activity on the TON ecosystem. Now, users can also use the stablecoin in various decentralized finance (DeFi) apps, which really ramps up what they can do on the network.
TON, originally launched by Telegram but now running independently due to past regulatory hurdles, has seen its usage skyrocket. The number of monthly active addresses has surged from under 100,000 to over 1.7 million in just six months. Telegram has also started using TON’s native token, toncoin, for payments on its ad platform.
“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, the total value locked on the TON blockchain exceeded $600 million, doubling in value over three weeks. According to data from DefiLlama, TON now holds over $670 million. The network’s increasing activity can be partly attributed to its integration with Telegram, a platform with over 900 million users worldwide.
Additionally, the popularity of crypto mini-games on Telegram has contributed to the surge in TON’s network activity. Games like Dotcoin, Catizen, and Hamster Kombat allow users to earn in-game currencies that might lead to real token airdrops.
The native cryptocurrency of the TON blockchain, Toncoin, has become the ninth largest cryptocurrency globally, with a market capitalization of $18.5 billion.