TON blockchain stablecoin supply increases by 25% since Pavel’s arrest
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According to Artemis, stablecoin supply on the TON blockchain has increased by over 20% since Pavel Durov’s arrest on August 24. The surge in total stablecoin supply increased 13-fold since April after USDT’s integration into the chain. Data from Artemis revealed that the TON blockchain showed signs of life weeks after Pavel Durov, Telegram’s Chief Executive officer, was arrested in France. The data indicated the stablecoin total market supply on TON had significantly increased since April after the integration of USDT. TON blockchain shows renewed growth weeks after Pavel’s arrest The TON blockchain experienced a tumultuous few weeks after Pavel Durov’s arrest in August regarding criminal activities on the messaging application Telegram. Durov was key in integrating Toncoin, TON’s native coin, into Telegram. His arrest reportedly caused panic among traders, and as such, Toncoin also experienced a 20% decline to $5 and a 30% plummet in TVL. Matthew Graham, the founder of Venture Capital firm Ryze Labs, highlighted that despite TON and Telegram not being the same, Pavel played a vital role in both. The CEO was released shortly after the arrest, where he referred to it as “misguided” and vowed to prevent abusers from interfering with the platform. Following the turbulence surrounding Pavel, @ton_blockchain is showing signs of life. Stablecoin supply is up 25% since the arrest, bringing the total increase to 13X since April. If you squint, the situation has parallels to FTX. pic.twitter.com/NCtS0zqCgY — Nick Garcia (@NickDGarcia) October 8, 2024 However, a few weeks after his release, TON blockchain stablecoin supply indicated gradual signs of renewed growth. According to CryptoQuant, USDT’s supply on the chain increased to over $700 million, illustrating the widespread adoption of the stablecoin. Data from Bitget illustrated that trading volumes on the TON ecosystem have also significantly increased since earlier this year. Anatoly…
Filed under: News - @ October 9, 2024 11:25 am