• Sat. Jul 13th, 2024

USDT Supply on TON Blockchain Exceeds 500M

Steve Kornacki

BySteve Kornacki

Jun 26, 2024
USDT Supply on TON Blockchain Exceeds 500M

Tether’s USDT stablecoin has achieved a significant milestone on the Open Network (TON) blockchain. According to recent data, the net circulation of USDT on TON has exceeded 500 million, a substantial growth since its launch on the blockchain merely two months ago.

This surge reflects the increasing adoption of USDT and the robust growth of the TON blockchain itself. As of the latest on-chain data, almost 519.3 million USDT tokens are circulating on the TON blockchain.

This milestone underscores the blockchain’s capability to handle a high volume of transactions efficiently and securely. The TON team attributed this growth trajectory to the ease of transacting USDT on their platform, which they liken to sending a text message.

Telegram’s Crypto Mini-games Driving TON Adoption

Telegram’s endorsement of TON as its preferred solution for Web3 integration facilitates seamless Web3 experiences for its vast user base. Moreover, it significantly boosts user engagement and adoption of TON’s blockchain services.

Also, the rise of crypto mini-games within the Telegram ecosystem has been pivotal in attracting new users to TON. Games like Dotcoin, Hamster Kombat, and Catizen are gaining traction by offering in-game currencies that gamers can convert to real token rewards.

TON’s native cryptocurrency, Toncoin, has also benefited from this surge in activity. It currently ranks as the ninth largest cryptocurrency globally, with a market capitalization surpassing $18.5 billion.

The success of USDT on TON, alongside the broader growth of the blockchain and its native token, underscores a growing demand for practical, real-world applications.

Bitget and Foresight Ventures Launch $20M TON Fund

Meanwhile, in collaboration with Singapore-based investment firm Foresight Ventures, Bitget, a leading cryptocurrency exchange and Web3 company, has announced the launch of a $20 million TON Ecosystem Fund. This fund is designed to support early-stage projects on The Open Network (TON), marking a commitment to fostering innovation within the blockchain space.

TON Ecosystem TVL Surpass $600M

In the past two months, the TON ecosystem’s TVL (Total Value Locked) has grown more than fivefold, reaching $600 million. This growth is attributed to the influx of new projects and assets such as DeDust.io, STON.fi, and TON-USDT.

Notably, Tether’s official transparency page reports that the authorized issuance of USDT on the TON blockchain has risen to approximately $580 million. This milestone positions TON as the sixth-largest blockchain issuing USDT, trailing only Ethereum, TRON, Avalanche, Omni, and Solana.

The $20 million fund will aid burgeoning projects within the TON ecosystem. By leveraging Telegram’s massive user base, Bitget and Foresight Ventures seek to bridge the gap between traditional messaging and cryptocurrency adoption.

Gracy Chen, CEO of Bitget, noted that the positive feedback regarding the TON ecosystem is being fueled by rising user engagement and increasing TVL. She stated that Bitget will also use this new fund to support projects that will expedite the widespread adoption of cryptocurrency and promote a more equitable financial future.

Bitget Continues Its Innovative Prowess on TON Network

After launching its non-custodial wallet, Bitget Wallet, Bitget also introduced a support package for the TON network. This package aims to integrate decentralized applications into the TON ecosystem, boosting Bitget’s expansion into this space. The launch of the TON Ecosystem Fund further highlights blockchain technology’s potential to drive substantial economic and social change.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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