The TON Network is experiencing remarkable growth, largely propelled by its partnership with Tether (USDT). An agreement established between the two entities in April has resulted in a significant uptick in USDT supply on the TON platform, with recent figures indicating that the total has now exceeded 1 billion dollars, according to data from CryptoQuant.
What is the impact of Tether and TON Network?
Tether is recognized as the leading stablecoin provider, while the TON Network facilitates advanced decentralized applications (DApps) on Telegram. This strategic collaboration has proven beneficial for both parties, enhancing their positions in the market.
How has the USDT supply changed recently?
CryptoQuant reports a staggering 670% increase in USDT supply on the TON Network over the last six months. The stablecoin’s valuation on the platform grew from 130 million dollars to 1.02 billion dollars, showcasing a remarkable surge in adoption.
The growth is largely attributed to the expanding Decentralized Finance (DeFi) landscape, where the Total Value Locked (TVL) currently sits at around 720 million dollars, reflecting increased engagement within the ecosystem.
The success of the TON Network can also be linked to various Telegram mini-apps that have emerged over the past year. While some projects have thrived, others, such as Hamster Combat, haven’t met community expectations. Despite mixed reviews, these initiatives may still play a vital role in TON’s future trajectory.
The collaboration between TON Network and Tether is proving crucial for the rapid expansion of USDT. Ongoing advancements in the DeFi sector, coupled with innovative fiat solutions, could enhance liquidity significantly. Furthermore, the engagement from Telegram’s gaming landscape is expected to bolster the TON ecosystem over time.