The Open Network (TON) has reached a significant milestone, with its Tether (USDT) supply surpassing $1 billion. In addition, weekly active users on the TON blockchain spiked to 5 million, marking new peaks for both activity and stablecoin supply. This achievement highlights TON’s growing role in the decentralized finance (DeFi) space.
The available USDT supply on Toncoin expanded above 1B tokens. | Source: Tokenterminal
TON’s stablecoin supply crosses the major threshold
The TON blockchain now holds over $1 billion worth of USDT, making it a key platform for stablecoin transactions. Reports indicate the maximum authorized USDT supply on TON ranges between $668 million and $729 million, with daily transfer volumes between $100 million and $300 million. The demand for TON as a stablecoin platform surged throughout September, with USDT supply growing from 579 million to over 1 billion tokens.
Since its launch as a native asset in April, USDT’s liquidity on TON has expanded rapidly, primarily driven by micropayments, decentralized trading, and other use cases. Despite concerns about illegal activity on the platform, TON continues to attract users and liquidity providers.
DeFi ecosystem growth boosted by USDT
USDT is playing a vital role in expanding TON’s decentralized finance ecosystem. The network’s total value locked (TVL) previously approached $1 billion, though it has since adjusted to $402.96 million as of September 2024. The most significant activity comes from decentralized exchanges (DEX) like Ston. Fi and DeDust, which manage about $320 million in liquidity.
To further stimulate activity, the TON team has allocated 5 million USDT to incentivize liquidity providers. This incentive primarily focuses on key trading pairs, including Toncoin (TON) and its staked forms against USDT. The staking process, facilitated through platforms like Tonstakers and Bemo, offers an additional boost to the ecosystem’s growth. Plans are also in place to expand DeFi offerings, including lending and yield farming.
Toncoin Shows Resilience After Market Fluctuations
Toncoin (TON) has been experiencing some recovery after recent price fluctuations, with the asset trading above $5.60. The blockchain has faced challenges in recent months but managed to maintain stability, especially after gaining liquidity through USDT. Although TON has struggled to reach the $6 level in the past month, it has retained much of its value over the past year.
Toncoin’s open interest declined to $255 million, down from $280 million the previous week. Long positions remain dominant, but long liquidations have exceeded $321,000 on Binance, compared to $169,000 in short liquidations. Despite the volatility, the TON network draws significant attention, especially after the Binance listing in August. With the DeFi space growing, TON’s expanding role in stablecoin usage and decentralized trading shows its potential for long-term sustainability in the market.