- USDT on TON reaches 519.28 million, fueled by rising demand for easy transactions.
- TON’s TVL doubles in a month to $670 million; partners with Symbiosis for DeFi.
- Toncoin’s market cap hits $18.5 billion, up 419% YTD; trades at $7.47.
Tether’s USDT stablecoin has exceeded 500 million in circulation on the TON blockchain, signaling a surge in demand for dollar-pegged digital assets on the rapidly growing network.
TON announced this news on its official Telegram channel, stating:
“The demand for USDT-TON is soaring, and it’s not surprising. 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.”
USDT-TON’s debut generated significant market hype after reaching a circulation milestone of 200 million weeks after its launch. Two months ago, the stablecoin issuer Tether launched the US Dollar-pegged stablecoin alongside a gold-backed token, XAUT, on the TON network.
The partnership was designed to allow Telegram’s 900 million users to conduct Peer-to-Peer (P2P) payments on the TON blockchain using USDT and XAUT. TON assured users that transactions would be fast and simple, similar to sending a Telegram text.
The TON blockchain recently achieved a significant milestone, surpassing $600 million in Total Value Locked (TVL). According to DefiLlama data, TON’s TVL is currently $670 million, more than double the figure from last month.
Tether has seen significant adoption this year, becoming Telegram’s preferred Web3 integration network.
Moreover, the TON network’s rise coincides with the increased popularity of crypto “play-to-earn” games on Telegram. Mini-playable games, such as Hamster Kombat, Dotcoin, and Catizen, allow users to earn in-game currencies that can potentially be converted to real tokens through airdrops.
Toncoin (TON), the native token of the TON blockchain, has gained 419% year-to-date. The cryptocurrency’s market capitalization is currently $18.5 billion, making it the ninth-largest cryptocurrency in the world. Toncoin was trading at $7.47 as of press time, reflecting a 1.33% intraday decrease.
Meanwhile, TON recently expanded its DeFi integration by partnering with cross-chain engine and liquidity protocol Symbiosis. As a result, users can now “execute seamless swaps” between TON and other networks.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
