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

TON,originallylaunchedbyTelegrambutnowrunningindependentlyduetopastregulatoryhurdles,hasseenitsusageskyrocket.

Tether’s(CRYPTO:USDT)stablecoin,knownasUSDT,hasachievedasignificantmilestoneonTheOpenNetwork(TON),withitsnetcirculationsurpassing500million,asreportedbyTheBlock'sUSDTsupplydashboard.AsofTuesday,therewere519.28millionUSDTstablecoinscirculatingontheTONnetwork,accordingtothedashboard.ThisdevelopmentcomestwomonthsafterTether,theworld'slargeststablecoinissuer,unveiledtheintegrationofitsUSDTstablecoinonTON,alongwithitsgold-backedstablecoin,XAUT.Thismovewastoutedtobolsterpeer-to-peerpaymentsforTelegram’svastuserbaseofnearly900millionandrampupactivityontheTONecosystem.Userscanalsoutilizethestablecoininvariousdecentralizedfinance(DeFi)applications,expandingthepossibilitieswithinthenetwork.TON,whichwasinitiallylaunchedbyTelegrambutnowoperatesindependentlyfollowingpastregulatorysetbacks,hasseenitsutilizationexplode.Injustsixmonths,thenumberofmonthlyactiveaddresseshassurgedfromlessthan100,000toover1.7million.Moreover,TelegramhasbegunusingTON’snativetoken,toncoin,tofacilitatepaymentsonitsadplatform.“ThedemandforUSDT-TONisthroughtheroof,andit'snowonder,”TONannouncedviaitsofficialTelegramchannel.“Theabilitytosenddigitaldollarstoanyone,anywhere,aseasilyassendingatextmessage,isapracticalandtangibleusecasethatsetsUSDT-TONapart.”Earlierthismonth,thetotalvaluelocked(TVL)ontheTONblockchainsurpassed$600million,showcasingaremarkablesurgeinvalueoverthreeweeks.AccordingtoDefiLlama'sdata,TONnowboastsaTVLexceeding$670million.Thenetwork'sintegrationwithTelegram,aplatformwithover900millionusersworldwide,isakeyfactordrivingitsincreasingactivity.Furthermore,thepopularityofcryptomini-gamesonTelegramhascontributedtothesurgeinTON'snetworkactivity,withgameslikeDotcoin,Catizen,andHamsterKombatenablinguserstoearnin-gamecurrenciesthatcouldleadtoactualtokenairdrops.ThenativecryptocurrencyoftheTONblockchain,toncoin,hasascendedtobecometheninth-largestcryptocurrencyglobally,boastingamarketcapitalizationof$18.5billion.

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