Fri, July 12

Tether’s Net Circulation on TON Surpasses 500 Million

Tether's Net Circulation on TON Surpasses 500 Million Blockchain News
  • TON blockchain’s TVL surpasses $670 million, doubling in recent weeks.
  • Tether stops minting on Algorand and EOS, focusing on popular blockchains.

Tether’s net circulation on The Open Network (TON) has surpassed 500 million, according to recent data from The Block. As of Tuesday, the network hosts 519.28 million USDT stablecoins, just two months after Tether introduced its U.S. dollar-backed stablecoin on TON, alongside the gold-backed XAUT.

The Open Network highlighted the growing demand for USDT-TON 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 real-world use case that sets USDT-TON apart,” the announcement stated.

However, TON blockchain’s native cryptocurrency, Toncoin, experienced a 2% decline in price, trading at $7.47, and a 19% drop in trading volume over the past 24 hours.

                                    TON  Price Chart, Source: TradingView

Earlier this month, TON blockchain’s total value locked (TVL) exceeded $600 million, doubling the value from three weeks prior. According to DefiLlama, the TVL on TON now stands at over $670 million. This growth can be attributed to TON becoming the preferred Web3 integration solution for Telegram. It has a global user base of over 900 million.

TON TVL Chart, Source: TradingView

Moreover, Tether announced on Monday that it will stop minting new tokens on the Algorand and EOS blockchains. This decision, effective immediately, is part of Tether’s strategy to focus on blockchains with higher usage and community interest.

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