The chart above shows how TON price had surged 14$ from the last week’s lows to reach the $7.72 mark on June 25, before consolidating around the $7.60 level at the time of writing on June 26.
Market reports suggest that toncoin’s price rally could be attributed to the recent launch of Tether (USDT) stablecoin on the network. This has enhanced market liquidity and kept funds circulating within the Toncoin ecosystem, as investors no longer have to rely on other blockchains for on ramping and withdrawals.
USDT Circulating Supply on Toncoin Crosses $500M in 2 months
The circulation of USDT stablecoins on The Open Network (TON) has exceeded 500 million, as reported by The Block’s USDT supply dashboard. Specifically, there were 519.28 million USDT stablecoins on the TON network as of the latest update.
This milestone comes approximately two months after Tether introduced the US dollar-backed stablecoin on TON, alongside its gold-backed stablecoin, XAUT.
“The demand for USDT-TON is rapidly increasing, which is unsurprising,” noted The Open Network in a statement via its official Telegram channel. “The ability to seamlessly send digital dollars globally, akin to sending a text message, showcases the practical utility of USDT-TON.”
Earlier this month, the total value locked in TON blockchain surpassed $600 million, marking a doubling from just three weeks prior. Presently, TON’s total value locked has exceeded $670 million, according to DefiLlama data.
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