The supply of USDT on The Open Network (TON) blockchain has surpassed $500 million, marking a significant milestone just two months after its launch in this network.
- USDT supply on TON exceeds $500 million in just two months.
- TON’s total value locked (TVL) surpasses $600 million in June 2024.
- TON becomes a preferred solution for Telegram integration and Web3 applications.
- Toncoin ranks in the top 10 cryptocurrencies with a market cap of $18.37 billion.
USDT Supply on TON Surpasses $500 Million
The supply of USDT (Tether) on The Open Network (TON) blockchain has exceeded the $500 million mark, according to data. As of June 26, 2024, USDT supply on TON reached $519.28 million. This significant milestone was achieved within approximately two months since USDT was launched on this network.
Growing Demand for USDT in TON Network
Representatives from TON highlighted on their Telegram channel that the demand for Tether’s stablecoin continues to grow. They emphasized the ease with which users can send stablecoins anywhere, akin to sending a message, underscoring a practical and real-world application that sets USDT on TON apart.
USDT Availability Across Multiple Networks
In April 2024, Tether added support for USDT in the TON network. Besides TON, USDT is available on several other networks, including TRON, Ethereum, and Solana. The bulk of the circulating supply of the stablecoin is concentrated in the TRON and Ethereum ecosystems.
TON Network’s TVL Exceeds $600 Million
In June 2024, the total value locked (TVL) in the TON blockchain surpassed $600 million, having grown more than 20 times since March 2024. The network has gained popularity as a preferred solution for integration with Telegram and launching various Web3 applications.
Impact of Gaming and Web3 Applications
The surge in TON’s network activity can also be attributed to the growing demand for games on Telegram, such as Catizen, Notcoin, and Hamster Kombat. These games offer simple mechanics, allowing users to earn in-game currency and potentially claim real rewards in the future.
Toncoin’s Market Position
Toncoin, the native token of the TON blockchain, has entered the top 10 cryptocurrencies by market capitalization, which stands at $18.37 billion. At the time of publication, Toncoin is trading at $7.47, reflecting its solid market performance.
The recent developments within the TON network and the increasing adoption of USDT highlight a significant shift in the cryptocurrency landscape. The growing integration with Telegram and the expanding range of Web3 applications signify broader implications for the crypto market, paving the way for innovative digital solutions and enhanced user experiences.
