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Share link:In this post: The native USDT had a better month in terms of usage than other bridged stablecoins on the Toncoin chain. USDT was used for fees, e-commerce, and games within the TON economy. While Toncoin’s DeFi sector has slowed down, the network has seen a rise in farming games with TON rewards.
Tether (USDT) transfers have emerged as the leading source of activity on Toncoin. After a brief airdrop period, the network has returned to its usual pattern of value transfers across apps and DeFi hubs.
Tether’s USDT was the most active token on Toncoin in October. The data examined revealed that Toncoin is not actually a meme token chain. It does not only primarily carry tap-to-earn games either. It is also one of the few specially selected networks to carry native USDT with the e-commerce and advertising infrastructure that needs the liquidity.
Native USDT is also used in addition to TON as a utility and gas fee token.
Over time, USDT supply on Toncoin has increased to 892M, bringing more liquidity. More than 2M traders use this version of the token.
USDT’s growth on Toncoin is just a fraction of the toke’s total supply, which is at 120.4B. Toncoin holds more volume than smaller chains and even some L2 chains. Its supply has almost caught up with Optimism (OP), which holds 973M USDT.
The success of TON was followed by the plan to launch another native stablecoin, this time tied to the dirham, the currency of the United Arab Emirates. The announcement was made during the TON Gateway event in Dubai.
The native USDT is used far more than the bridged version and the small amount of USDC that found its way into Toncoin.
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