USDT stablecoin supply on TON blockchain crosses 500 million

Tether USDT -0.036% stablecoin’s net circulation surpassed 500 million on the The Open Network ( TON -0.55% ). According to The Block’s USDT supply dashboard there were 519.28 million USDT stablecoins on the TON network as of Tuesday.

This comes around two months after Tether launched the U.S. dollar-backed stablecoin on TON, along with the company’s gold-backed stablecoin, XAUT. 

“The demand for USDT-TON is soaring, and it’s not surprising,” The Open Network announced via its official Telegram channel. “The ability to send digital dollars to anyone, anywhere, as easily as sending a text message, is a practical and real-world use case that sets USDT-TON apart.”

Earlier this month, TON blockchain’s total value locked crossed $600 million, which was double the value locked three weeks prior. TON now holds over $670 million, according to data from DefiLlama.

The network has gained traction this year as it became the preferred solution for Web3 integration for Telegram, which reportedly has over 900 million users worldwide.

The surge in TON’s network activity can also be attributed rising popularity of crypto  mini-games playable on Telegram . Games such as Dotcoin , Catizen and Hamster Kombat adopt simple mechanics that lets users earn in-game currencies that could possibly earn them real token airdrops. 

TON blockchain’s native cryptocurrency, Toncoin, has also become the ninth largest cryptocurrency in the world with the market capitalization of $18.5 billion. It is being traded at $7.54 at the time of publication, according to The Block’s Toncoin price page .