The Toncoin (TON)-based USDT stablecoin has seen impressive growth since it integrated into the protocol. According to Tether’s official transparency page, the authorized issuance of USDT on the TON chain has surpassed $1 billion and is currently as high as $1,030,000,002.
Of this figure, the authorized unissued amount is valued at approximately $309,325,516.46, while the net circulation is $720,674,485.54. It is worth noting that USDT issuance attained this level only a few months after it was integrated into the TON ecosystem.
During the TOKEN2049 conference in April, Tether CEO Paolo Ardoino and Telegram CEO Pavel Durov issued a joint statement announcing the issuance of USDT on TON.
Toncoin Becomes Fifth-largest Network by USDT Issuance
In June, leading cryptocurrency exchange Binance announced its plan to integrate the United States dollar-pegged stablecoin on the fast-growing blockchain. This meant that users could begin depositing and withdrawing through the Telegram-based blockchain.
When the USDT offer on TON exceeded $580 million, the network became the sixth-largest blockchain in terms of USDT locked. The largest blockchains harboring USDT include TRON, Ethereum, and Solana.
At the current USDT issuance value, TON has become the fifth-largest network after the three listed and Avalanche. It has successfully outpaced other blockchains like Near, Celo, Omni, Cosmos, and Tezos, which hosted USDT before it did.
This is another win for the TON ecosystem amid its recently recorded achievements. A week ago, Durov announced that Telegram had reached 10 million paid subscribers. This milestone could expand the use cases of Telegram-linked projects, including Catizen, Notcoin, Hamster Kombat, and Toncoin.
As the coin that powers The Open Network, more users on Telegram mean more demand for TON. Eventually, this massive demand could spur the TON price to a higher level in the near future.
Toncoin Price Sees Fluctuations
Three days ago, the Toincoin price surged to $5.36 after soaring in an obvious attempt to retake the bullish reins. This resurgence came after the launch of TADA, a Telegram Mini App with the TON Foundation.
With the new milestone with USDT, the coin is trading at $5.61 after losing 1.81% of its market value in the last 24 hours. However, the price of Toncoin has increased 18.51% in the last seven days.
This Telegram-associated coin recorded a sizable weekly price rally this past week, suggesting that it is still a favorite among investors.
USDT Issuer Inks Strategic Deal With Adecoagro
USDT issuer Tether has highlighted that it is still open to expansion. Last week, the blockchain technology company diversified its investment with a strategic partnership in the agricultural industry.
According to a filing with the United States Securities and Exchange Commission (SEC), Tether secured a 9.8% stake in Latin America’s Adecoagro. The $100 million deal gave the USDT issuer 10,048,249 common shares in the Latin American agro firm.
Notably, the funds came from Tether’s operating cash. While its investments are not directly linked to TON, it signifies the overall diversity of the partners associated with the TON ecosystem.
