Rapid growth driven by Telegram integration and crypto mini-games boosts USDT demand on TON network.
The supply of Tether's USDT stablecoin on the TON blockchain has surpassed 500 million just two months after its rollout. According to The Block's USDT supply dashboard, there were 519.3 million USDT stablecoins on the TON network as of Tuesday. Tether launched the U.S. dollar-backed stablecoin on TON in April, along with the company's gold-backed digital asset, XAUT.
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. This convenience has led to a significant increase in the supply of USDT on the TON blockchain.
The network has gained traction this year as it became the preferred solution for Web3 integration for Telegram, which reportedly has over 900 million users worldwide. This integration has provided a massive user base for the TON blockchain, contributing to its rapid growth and adoption.
The surge in TON's network activity can also be attributed to the rising popularity of crypto mini-games playable on Telegram such as Notcoin and Hamster Kombat. These games have attracted a large number of users, further driving the demand for USDT on the TON blockchain.
Earlier this month, the total value locked on the TON blockchain crossed $600 million, doubling the deposits three weeks prior, and has now exceeded $670 million. This increase in total value locked indicates growing trust and investment in the TON blockchain ecosystem.
TON blockchain's native cryptocurrency, Toncoin, has also become the ninth largest cryptocurrency in the world with a market capitalization of $18.5 billion. This significant market capitalization highlights the growing importance and influence of the TON blockchain in the cryptocurrency market.
