TON Network and Tether Drive Rapid Growth of USDT

[4/11/2024]
The TON Network continues to advance swiftly with the support of Tether (USDT). A partnership signed between the two companies in April has shown a positive growth trend. According to CryptoQuant data, the USDT supply on the TON Network has officially surpassed 1 billion dollars.

Discover how the partnership between the TON Network and Tether is fueling the rapid growth of USDT, the largest stablecoin in the crypto market.

Tether USDT and TON Network

Tether and TON Network are two major players in the cryptocurrency industry. Tether is known for issuing the largest stablecoin, USDT, while the TON Network supports next-generation decentralized applications (DApps) on the popular messaging app Telegram.

Growing USDT Supply on TON Network

According to data from CryptoQuant, the supply of USDT on the TON Network has experienced a staggering growth of 670% in the last six months. In May, the value of USDT locked on the protocol was around $130 million, but it has now surpassed $1.02 billion. This exponential surge is largely driven by the growth of the Decentralized Finance (DeFi) ecosystem, with a Total Value Locked (TVL) of $720 million according to DeFiLlama data.

Telegram Ecosystem

The success of the TON Network can be attributed, in part, to the thriving ecosystem of Telegram mini-apps. Various projects, such as Notcoin, Catizen, and Hamster Combat, have generated significant capital movement on the network. While some of these projects have achieved great success, others, like Hamster Combat, have disappointed the community with their airdrops.

The Potential of T2E Era

Despite some setbacks, the evolution of Telegram mini-games may hold promising opportunities for the growth of the TON Network in the long run. As of now, the coin is trading at $4.78, showing stability and potential for further growth.

Conclusion

The partnership between the TON Network and Tether has played a crucial role in driving the rapid growth of USDT. With ongoing developments in the DeFi ecosystem and new fiat integrations, we can expect increased liquidity and adoption of USDT in the future. Furthermore, the contributions of Telegram mini-games could further strengthen the TON ecosystem over the long term. Bitcoin investors and enthusiasts should keep a close eye on these developments as they continue to shape the cryptocurrency landscape.

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