The Total Value Locked (TVL) on the TON blockchain has surged past $670 million, doubling in recent weeks. Tether has decided to cease minting on Algorand and EOS, opting to concentrate on more popular blockchains.
Recent data from The Block reveals that Tether’s net circulation on The Open Network (TON) has exceeded 500 million. Currently, the network hosts 519.28 million USDT stablecoins, a mere two months after the introduction of Tether’s U.S. dollar-backed stablecoin on TON, in addition to the gold-backed XAUT.
The Open Network drew attention to the escalating demand for USDT-TON through its official Telegram channel, emphasizing the convenience of sending digital dollars globally with the simplicity of a text message as a distinguishing feature of USDT-TON.
Nevertheless, the native cryptocurrency of TON blockchain, Toncoin, saw a 2% price decline, trading at $7.47, and a 19% reduction in trading volume within the last 24 hours.
The TVL of TON blockchain transcended $600 million earlier this month, witnessing a twofold increase from three weeks prior, as indicated by DefiLlama. The current TVL on TON now surpasses $670 million, with TON emerging as the favored Web3 integration solution for Telegram, which boasts a user base exceeding 900 million globally.
Furthermore, Tether declared on Monday its discontinuation of new token minting on Algorand and EOS blockchains with immediate effect, a strategic move to prioritize blockchains with higher utility and community interest.
In other news, Ethereum’s supply is experiencing an inflationary phase due to the Dencun Upgrade.
TONs Net Circulation Surpasses 500 Million A Remarkable Achievement
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