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The stablecoin USDT, issued by the company Tether, has reached a significant milestone on The Open Network (TON). The currency surpassed the mark of 519 million dollars. This feat comes less than two months after the launch of the US dollar-backed currency on TON. Spokespeople for the cryptocurrency network celebrated this growth as the fastest in Tether’s history.

“Sending digital dollars to anyone, anywhere as easily as sending a text message is a reality for people around the world. What could be more real than that?”, highlighted the TON communications team.

The launch of USDT on TON was a significant step for Tether. This is because it has expanded its presence to a total of 15 networks, including Tron, Ethereum, Solana and Avalanche. According to data from Defi Llama, the stablecoin’s market value is $112 billion. Meanwhile, at TON, it only represents about 0.46%, of the entire supply.

The integration of USDT into TON was driven by Tether in order to facilitate fluid value transfers between users of this network and other networks, providing a fast, secure and cost-effective process. The backing of the leading stablecoin strengthens TON’s vision as a solid and advanced financial and payments infrastructure.

USDT is redeeming TON

Paolo Ardoino, CEO of Tether, emphasized that the launch on TON will facilitate value transfers. Furthermore, it will boost activity and liquidity on the network, offering users a financial experience comparable to the traditional system.

In June, the TON network already hosted more than 600 million dollars in deposits, distributed across various protocols and dApps with cryptocurrencies and tokens. This growth is driven by the performance of several protocols that are part of the TON ecosystem.

With more than 500 applications, including memecoin creation platforms, wallets, exchanges, video games, staking, DeFi protocols, and non-fungible tokens (NFT), TON is widely used on Telegram.

The network has 900 million users, who can also run games like Notcoin and Hamster Kombat.

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