Tether (USDT) on the TON Network Surpasses $1 Billion Milestone!

The TON Network is evolving at a very fast pace, with enablement from Tether (USDT). The duo inked their partnership in April this year

The TON Network is seeing a rapid growth in its ecosystem, thanks in part to the integration of Tether (USDT). The duo announced their partnership in April this year, and since then, the network has seen a bullish trajectory. According to data from CryptoQuant, USDT on TON Network has now crossed the $1 billion milestone.

Both Tether and TON are leading in different aspects of the market. While Tether issues the largest stablecoin in the industry, TON Network is powering a new generation of Decentralized Applications (DApps) on Telegram.

As per the data from CryptoQuant, USDT on TON has seen a growth of 670% in the last 6 months. In May, the stablecoin had a valuation of $130 million on the protocol. Today, the actual locked USDT is valued at $1.02 billion.

“In May 2024, the $TON blockchain held only $130 million worth of USDT, but over six months, this amount surged by 670% to reach $1.02 billion.” – By @burak_kesmeci

Link ?https://t.co/inwMcs3Tq4 pic.twitter.com/UnOk3QNFAI

— CryptoQuant.com (@cryptoquant_com) November 2, 2024

As per the chart shared by CryptoQuant, the USDT supply on TON Network has flattened out from September to date. The massive growth is attributed to the growth in its Decentralized Finance (DeFi) ecosystem. Data from DeFiLlama shows that its Total Value Locked (TVL) is now pegged at $720 million.

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