Key Points
- USDT crosses 500 million supply on the TON network.
- The Telegram-linked network surges in popularity mostly due to mini-games such as Hamster Kombat.
According to the latest reports, Tether (USDT) saw a net circulation that surpassed 500 million on The Open Network.
According to The Block’s USDT supply dashboard, as of June 25, there were over 519.2 million USDT stablecoins on the TON network.
This comes two months after Tether launched the US dollar-backed stablecoin on TON, along with XAUT, the company’s gold-backed stablecoin.
On the official Telegram channel, The Open Network announced that the demand for USDT-TON is surging and this is not surprising.
They continued and noted that the ability to send digital dollars to anyone, anywhere, just as easily as sending a text message, is a practical and real-world use case that is setting USDT-TON apart.
Not too long ago, TON blockchain’s total value locked crossed $600 million which was double the value locked three weeks before.
DeFiLlama data reveals that TON is now holding almost $670 million.
TON network gains traction
The TON network has been gaining traction this year, becoming the preferred solution for Web3 integration for Telegram which now reportedly has over 900 million users worldwide.
Reports reveal that the surge in TON network’s activity is mostly due to the rising popularity of Telegram-based games such as Hamster Kombat, Notcoin, and more.
The games adopted simple mechanics that allowed users to earn in-game currencies that could earn them real token airdrops.
Hamster Kombat (HMSTR) game, for instance, recently announced 200 million users ahead of an airdrop that should reach users next month.
The game recently made headlines due to its surging popularity in Iran which prompted Habibollah Sayyari, Iran’s deputy military chief, to express anxieties over the game’s influence, viewing it as a tool in an “unwanted soft war” against Iran.
Fueled by high inflation and unemployment, Iranians are drawn to Hamster Kombat’s simplistic gameplay.
