By
Svetlana Soroka
June 29th, 2024
Tether’s USDT stablecoin has undoubtedly taken off on the Open Network (TON), having seen a recent surge in activity. Beyond USDT’s success, the TON blockchain itself is experiencing explosive growth.
According to official Tether data, the USDT stablecoin has now surpassed 500 million in net circulation on TON blockchain. As of publication, there were 519.27 million tokens on the TON chain, but what’s even more impressive is that this is coming barely two months after USDT actually launched on the same blockchain.
Sending Digital Dollars Like Text Messages with Tether’s USDT
The figures highlight the growing popularity of the TON network as a platform for fast and convenient digital dollar transactions. So far, the unfolding events have not really been surprising. Especially for the TON team, which shared via its official Telegram channel, that the growing demand for USDT-TON was very much expected. The team emphasized the ease of sending USDT-TON while also comparing it to sending a text message. This real-world use case sets USDT-TON apart as a user-friendly option for transferring money globally, they said.
Beyond USDT’s success, the TON blockchain itself is experiencing explosive growth. The total value locked (TVL) on TON doubled in just three weeks, reaching over $670 million as of today. That is, according to DefiLlama data. This goes to show that the rate at which investors are depositing various cryptocurrencies and locking them into DeFi protocols on TON is also very high.
However, it might be worth noting that several factors are contributing to TON’s rise. Notably, Telegram, the popular messaging app with over 900 million users, has chosen TON as its preferred solution for Web3 integration. Expectedly, this integration is poised to open doors for seamless Web3 experiences within the Telegram platform.
Moreover, there is also the growing popularity of crypto mini-games like Hamster Kombat, Dotcoin, and Catizen on Telegram. These bite-sized games allow users to earn in-game currencies that could potentially translate into real token rewards for users. This gamified approach to crypto is also playing a huge part in attracting new users to the TON ecosystem.
TON Benefits
TON’s native cryptocurrency, Toncoin, has also benefited from this surge in activity. It currently ranks as the ninth largest cryptocurrency globally with a market capitalization exceeding $18.5 billion.
Overall, a major takeaway from the success of USDT on TON is how it shows that there is a growing demand for real-world use cases within the cryptocurrency space.