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Since the introduction of USDT on the TON blockchain, the supply of this stablecoin has grown by over 70 million within just two weeks, totaling 130 million. While USDT operates across multiple blockchains, its presence on TON has positioned it as the eighth largest in terms of circulating supply.
TON Blockchain Sees 70 Million Increase in Tether Token Supply
Since its debut on the TON network two weeks ago, the tether (USDT) supply issued on TON has increased to 130 million. Initially announced at the Token2049 event in Dubai, it was projected that 60 million tethers would be issued at the start. The volume of tethers on TON has subsequently expanded by 70 million tokens, positioning it as the eighth-largest blockchain by USDT issuance.
Current figures indicate that 34,438 owners possess USDT on the TON network. Of these, the Ston.fi decentralized exchange (dex) holds the most, with 20.12 million, or 15.73% of the total supply. Uquid ranks as the second and fourth largest holder with 11.92% and 9.52% respectively, followed by Okx at 11.25%, and Bitfinex holding 7.65%, as per tonviewer.com metrics.
This boost in supply follows the launch of an earn campaign by the TON wallet, associated with Telegram, which said it allocated $30 million to USDT holders. According to the program summary, depositors of 3,000 tethers can receive a 50% annual percentage yield (APY) for the initial two weeks and 25% APY for the subsequent two weeks, paid in toncoin (TON).
As of now, the total circulation of USDT stands at 110.60 billion, rendering the TON issuance minor in comparison to networks like Tron and Ethereum. It only equates to 0.118% of the total tether supply in existence. However, its growth has been swift, surpassing networks such as NEAR, EOS, Celo, Liquid, Algorand, and Polkadot in the past fortnight.
What do you think about the growth of tethers on the TON network? Share your thoughts and opinions about this subject in the comments section below.