Tether’s USDT Stablecoin Surpasses 500 Million Net Circulation on The Open Network (TON)

TON, originally launched by Telegram but now running independently due to past regulatory hurdles, has seen its usage skyrocket.

Tether’s (CRYPTO: USDT) stablecoin, known as USDT, has achieved a significant milestone on The Open Network (TON), with its net circulation surpassing 500 million, as reported by The Block's USDT supply dashboard.

As of Tuesday, there were 519.28 million USDT stablecoins circulating on the TON network, according to the dashboard.

This development comes two months after Tether, the world's largest stablecoin issuer, unveiled the integration of its USDT stablecoin on TON, along with its gold-backed stablecoin, XAUT. This move was touted to bolster peer-to-peer payments for Telegram’s vast user base of nearly 900 million and ramp up activity on the TON ecosystem. Users can also utilize the stablecoin in various decentralized finance (DeFi) applications, expanding the possibilities within the network.

TON, which was initially launched by Telegram but now operates independently following past regulatory setbacks, has seen its utilization explode. In just six months, the number of monthly active addresses has surged from less than 100,000 to over 1.7 million. Moreover, Telegram has begun using TON’s native token, toncoin, to facilitate payments on its ad platform.

“The demand for USDT-TON is through the roof, and it's no wonder,” TON 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 tangible use case that sets USDT-TON apart.”

Earlier this month, the total value locked (TVL) on the TON blockchain surpassed $600 million, showcasing a remarkable surge in value over three weeks. According to DefiLlama's data, TON now boasts a TVL exceeding $670 million. The network's integration with Telegram, a platform with over 900 million users worldwide, is a key factor driving its increasing activity.

Furthermore, the popularity of crypto mini-games on Telegram has contributed to the surge in TON's network activity, with games like Dotcoin, Catizen, and Hamster Kombat enabling users to earn in-game currencies that could lead to actual token airdrops.

The native cryptocurrency of the TON blockchain, toncoin, has ascended to become the ninth-largest cryptocurrency globally, boasting a market capitalization of $18.5 billion.