Tether’s stablecoin, USDT, has now surpassed $1 billion in circulating supply on The Open Network (TON), according to data from Token Terminal, a research firm in the cryptocurrency industry.
This milestone highlights the dominance of USDT among stablecoins backed by the United States Dollar, and speaks to the growing popularity of the TON chain despite challenges faced by its creator, Telegram.
In August, Pavel Durov, CEO of Telegram, was arrested. However, USDT remains the preferred stablecoin on many apps within Telegram’s messaging platform, including the Telegram Mini Apps, which operate on the TON chain.
On September 13, the TON Foundation, which now controls the TON chain after taking over from Telegram in 2022, announced a partnership with Tada, a ride-hailing app in Singapore that will allow users to book rides and make payments using cryptocurrency.
