The TON Foundation is partnering with decentralized finance (DeFi) protocol Curve to launch and develop a stablecoin exchange project on the TON blockchain.
This partnership opens up new opportunities for stablecoin trading on TON by improving accessibility and creating an efficient trading environment.
TON Partners with Curve Finance
Through this partnership, TON will leverage Curve Finance’s CFMM technology to streamline stablecoin exchanges and improve user experience by minimizing price impact during transactions.
The two parties will jointly select an independent development team to lead the stablecoin exchange project. In addition, Michael Egorov , founder of Curve Finance, will serve as an advisor to provide insight into the protocol mechanism and development strategy. In addition, eligible users, including veCRV holders, will be allocated the native token of the stablecoin exchange project.
In retrospect, Tether expanded its stablecoin offering to the TON blockchain in April , introducing the USDT stablecoin with a market cap of $118 billion to the TON ecosystem.
Similarly, Tonkeeper, a self-custodial wallet for the TON blockchain , began accepting gas-free USDT payments on TON in late May . In June , Binance exchange integrated the USDT stablecoin into the Toncoin network , setting the stage for deposits and withdrawals.
“In the four months since the launch of USDT, our community has shown historic levels of demand for the token. Soon we will see more stablecoins and assets from other chains, like BTC, on TON. We need native CFMMs to interact comfortably — this is essential for our growth! It was a natural choice to partner with an industry-leading market maker to incubate new projects,” reads an excerpt from the blog .
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Recent data shows incredible growth within the TON ecosystem. The total value locked (TVL) on the network is approaching $40 million, up sharply from $21 million in early March. Tether’s USDT integration has played a significant role in driving trading volume and user activity.
According to a blog report, USDT on the TON blockchain has reached a net circulation of $72,999,000 in just four months since its launch. This represents the fastest-growing USDT launch to date. This rapid growth reflects the significant demand for stablecoins on the TON network.
The growing demand for the TON blockchain, combined with Curve Finance’s market making expertise, heralds a bright future for stablecoin trading. This collaboration could lead to improved liquidity, reduced price impact, and increased adoption of the TON blockchain.
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Despite these developments, demand has not expanded for TON’s native token , which is currently trading at $5.49, according to data from BeInCrypto. Meanwhile, Curve DAO’s token (CRV) is up slightly by 0.8% and is currently trading at $0.2667.
