According to data from The Block, the net circulating supply of the dollar stablecoin Tether (USDT) on The Open Network (TON) blockchain has reached 519 million, following Tether’s introduction of USDT and its gold-backed token XAUT to the TON network approximately two months ago. The Open Network made this announcement via its official Telegram channel.
Based on figures from DefiLlama, the Total Value Locked (TVL) on the TON chain surpassed $600 million this month, marking nearly double the locked value three weeks ago. As of the last update, the TVL on the TON chain stood at around $6.7 billion, with the native token Toncoin (TON) ranking as the 8th largest cryptocurrency by market cap, currently at $18.5 billion. The trading price for the TON token was around $7.47 at the time of the last update.
With The Open Network emerging as Telegram’s preferred solution for integrating Web3 services, the blockchain has garnered significant attention this year. Telegram, the fourth-largest instant messaging app globally with nearly 900 million users, is reported to be widely adopted. The surge in TON network activities can also be attributed to the growing popularity of cryptocurrency-themed mini-games on Telegram, such as Notcoin and Catizen.
Source: DefiLlama
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