Tether’s USDT Exceeds 500 Million on TON Network

Tether’s USDT Stablecoin Surpasses 500 Million Circulation on The Open Network (TON)
Tether’s USDT stablecoin has achieved a significant milestone on The Open Network (TON), with its net circulation exceeding 500 million. As of Tuesday, there were 519.28 million USDT tokens on the TON network, according to The Block’s dashboard.
This milestone comes just two months after Tether introduced USDT on TON, alongside its gold-backed stablecoin, XAUT. The introduction aimed to enhance peer-to-peer payments for Telegram’s vast user base of nearly 900 million and boost activity within the TON ecosystem. Users can now utilize USDT in various decentralized finance (DeFi) applications, significantly expanding the network’s capabilities.
Originally launched by Telegram, TON now operates independently after overcoming regulatory hurdles. The network has experienced a surge in usage, with monthly active addresses increasing from under 100,000 to over 1.7 million in six months. Telegram has also incorporated TON’s native token, toncoin, for payments on its ad platform.
The Open Network highlighted the growing demand for USDT-TON, emphasizing its practical use case of sending digital dollars as easily as text messages. Recently, the total value locked on the TON blockchain surpassed $600 million, now exceeding $670 million, driven by its integration with Telegram and the popularity of crypto mini-games on the platform.
Toncoin, the native cryptocurrency of the TON blockchain, has risen to become the ninth largest cryptocurrency globally, boasting a market capitalization of $18.5 billion.