The Telegram-linked blockchain, TON, is experiencing a surge in Tether (USDT) adoption, with circulation surpassing $500 million. This milestone comes just two months after Tether introduced both its gold-backed XAUT and dollar-backed USDT stablecoin on the TON network.
Analysts attribute the rising demand to USDT-TON’s ease of use. “[It allows] sending digital dollars to anyone, anywhere, as easily as a text message,” stated The Open Network on Telegram. This real-world utility positions USDT-TON competitively.
Furthermore, TON’s network activity is flourishing. The total value locked (TVL) on the blockchain recently surpassed $600 million, doubling in just three weeks. TON’s native token price also reflects this growth, currently exceeding $670 million.
Integration with the massively popular Telegram (over 900 million users) is seen as a key driver. TON is increasingly favored for Web3 development within Telegram, potentially fueled by the growing popularity of crypto mini-games on the platform.
June 2024, Cryptoniteuae
