TON Network continues to develop rapidly with the support of Tether (USDT). The partnership signed by the two companies in April this year has charted a positive growth curve. According to CryptoQuant data, USDT supply on the TON Network has officially exceeded $1 billion.
Tether USDT and TON Network
Tether and TON dominate the market in their respective fields. While Tether issues the industry’s largest stablecoin, TON Network supports next-generation decentralized applications (DApps) on Telegram.
According to CryptoQuant data, USDT supply on TON has grown by 670% in the last six months. While the stablecoin value in the protocol was 130 million dollars in May, today the locked USDT amount reached 1.02 billion dollars.
USDT on the Ton Network was just $130 million in May 2024, rising 670% to $1.02 billion in six months.
This boom is based on the growth in the Decentralized Finance (DeFi) ecosystem. According to DeFiLlama data, Total Value Locked (TVL) currently stands at $720 million.
With current plans between the protocol and Tether, this metric is expected to continue its rise. As previously reported, Tether confirmed that it will launch Dirham-backed USDT on TON to increase liquidity in the Middle East. With the new fiat integration on TON, liquidity will increase and a potential increase in the amount of USDT in circulation could be triggered.
Telegram Ecosystem
Part of TON Network’s success in the last year is due to Telegram mini-apps.
Projects from Notcoin to Catizen to Hamster Kombat have driven massive capital movement on the network. While most of these projects were huge successes, some, like Hamster Kombat, disappointed the community with their airdrop.
While many think the T2E era is over, the evolution of these games could help fuel the growth of TON in the long run. At the time of writing, the coin was trading at $4.78.
Ultimately, the partnership between TON Network and Tether supports the rapid growth of USDT. Developments in the DeFi ecosystem and new fiat integrations may contribute to increased liquidity in the future. Additionally, with the contribution of Telegram mini-games, the TON ecosystem may become even stronger in the long run.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
