Toncoin Melts Down Despite TON Network’s USDT 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, charting a positive bullish growth curve from that time to date. According to data from CryptoQuant, the USDT on TON Network has now officially crossed the $1 billion milestone.

Tether USDT and the TON Network – The Power Duo

Both Tether and TON are dominating different aspects of the market in their own rights. While Tether issues the industry’s biggest stablecoin, TON Network powers a new generation of Decentralized Applications (DApps) on Telegram.

Per the CryptoQuant data, USDT on TON has grown by 670% in the past 6 months. In May, the stablecoin on the protocol had a valuation of $130 million. Today, the actually locked USDT comes in at $1.02 billion.

670% Increase in 6 Months: USDT on the TON Network Surpasses $1 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

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

This metric is bound to continue its upward trajectory with current plans between the protocol and Tether. As reported earlier, Tether confirmed it will launch Dirham-backed USDT on TON to drive liquidity in the Middle East. With this new fiat integration on TON, the liquidity will grow ultimately to trigger a potential uptick for USDT circulating on it.

The Telegram Ecosystem Mini Game Impact

Part of the success of the TON Network over the past year revolves around the Telegram mini-apps.

From Notcoin (NOT) to Catizen (CATI) and Hamster Kombat (HMSTR), the hype around this project drove massive capital onchain. While most of these projects are considered huge successes, a few, like Hamster Kombat dissapointed the community with its airdrop.

Many considered the T2E era is fading off, however, these games evolution might help solidify the growth on TON in the long term. In all these, Toncoin remains the biggest gainer, soaring to the top 10 list of most capitalized coins earlier this year.

As of writing, the coin was changing hands for $4.88, down by a mild 0.16% in 24 hours. Despite this correction, an earlier Toncoin price analysis predicts the possibility of topping $20 this bull cycle.