Key Insights:
The TON chain's on-chain stablecoin market cap will rise from $130 million to over $1 billion in six months.
No other emerging blockchain saw this growth.
The rise in on-chain stablecoin volumes in TON is mainly due to the rise of crypto mini apps on Telegram most of which are built on TON.
TON chain now has the 10th largest stablecoin reserves, and its crypto TONcoin has also reached the same rank based on the crypto market cap.
The value of USDT on the TON blockchain recently crossed $1 billion. TON, which stands for The Open Network, was a former project linked with Telegram, the social media app.
Stablecoin Mcap on TON Chain
The net value of stablecoins on the TON chain grew by 670% between May and November 2024. The rise in the volume of stablecoins on the TON chain was primarily due to the rise in the usage of crypto mini apps on Telegram.
TON has become the tenth largest blockchain by on-chain market cap and sits just below Optimism, a popular layer-2 chain.
Telegram mini apps make it much easier for users to interact with a project with little to no effort and work on even low-budget and obsolete devices. The user must join the official Telegram Channel, launch a bot, and then use the mini app. We ran these tests even on older devices that still support Telegram and could run them just fine.
Some popular apps launched through the TON blockchain and using Telegram mini apps were DOGS token, Blum Exchange, and Notcoin.
These factors have also led to a 114% growth in the value of TONcoin, which has now become the 10th largest cryptocurrency, beating older projects like Shiba Inu and Cardano.
TON chain became popular because of Telegram's blockchain project. However, it packs many more things other than just being a side-kick project.
Independently, TON is the tenth largest crypto project with a market cap of $12.4 billion. Its rise has been phenomenal in the last year, with a 114% rise in token value.
TON also has a mature DeFi market on its blockchain, which is almost $380 million at press time. Top DeFi projects on TON include Storme Trade, DeDust, bemo, and Tonstakers.
Though TON's TVL has significantly dropped since its July highs, it promises a high-value platform with almost zero fees. To transact on the blockchain, users must pay less than 5 cents per transaction.
No other new blockchain seems to have mirrored this growth of the TON chain. In the same period between May and November 2024, Optimism saw 35% growth, Avalanche saw 10% growth, and even giants like Polygon saw 25% growth.
The unparalleled growth in stablecoin reserves is expected to increase shortly as USDT's market cap could increase from $120 billion to $200 billion by the end of the current bull run.
Toncoin would gain several things from an increased on-chain stablecoin market cap.
First, increased liquidity on the blockchain could make it easier for projects to succeed. Currently, most projects, including the recently launched Blum Exchange, have to pay extra rewards to make customers bridge USDT from other chains.
Secondly, it could unlock more DeFi opportunities, such as staking, lending, borrowing, and many other activities that require high liquidity to operate.
Finally, the increased stablecoin volumes could make TON a blockchain suitable for general-purpose activities like shopping via crypto, playing to earn games, generic RWA applications, and more.
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