According to data from The Block, the net circulation of Tether (USDT), a stablecoin, on The Open Network (TON) blockchain has reached 519 million, after Tether and its gold token XAUT were introduced to the TON network about two months ago. The Open Network announced on its official Telegram channel that the total value locked (TVL) on the TON chain surpassed $600 million this month, according to data from DefiLlama, which is twice the TVL three weeks ago. As of the time of writing, the TVL on the TON chain has reached about $670 million, and its native token Toncoin (TON) has become the eighth largest cryptocurrency by market capitalization, reaching $18.5 billion. The trading price of TON token was $7.47 at the time of writing. The Open Network has gained widespread attention this year as the preferred solution for integrating Web3 services into the messaging app Telegram, which reportedly has nearly 900 million users worldwide. The surge in activity on the TON network can also be attributed to the increasing popularity of cryptocurrency mini-games on Telegram, such as Notcoin and Catizen.
Are Stablecoins Primarily Used for Money Laundering? Blockchain Analysis Firm Reports 99% of Stablecoin Transactions Will Be for Legitimate Purposes in 2024.
Table of Contents Toggle Stablecoin Usage Becomes Increasingly Compliant TRM …