The TON Foundation is partnering with decentralized finance (DeFi) protocol Curve to develop and launch a stablecoin exchange project on The Open Network (TON) blockchain.
The goal of this partnership is to improve accessibility and create an efficient trading environment, providing new opportunities for stablecoin transactions on TON.
TON Partners with Curve Finance
With this partnership, TON leverages Curve Finance’s Constant Function Market Maker (CFMM) technology, simplifying stablecoin exchanges and improving user experience by reducing Price Impact during transactions. Both parties will jointly select an independent development team to lead the stablecoin exchange project. Additionally, Michael Egorov, founder of Curve Finance, will serve as an advisor, providing insight into the protocol’s development mechanism and strategy. Furthermore, eligible users, including veCRV holders, will receive an allocation of the stablecoin exchange project’s native Token .
Meanwhile, Tether expanded its stablecoin services to Telegram’s TON blockchain in April. This marked the debut of the USDT stablecoin, which has a market cap of $118 billion, in the TON ecosystem. Similarly, Tonkeeper, a self-custodial wallet for the TON blockchain, launched Gas Price free USDT payments on The Open Network in late May. In June, Binance exchange integrated the USDT stablecoin into the Toncoin network, opening the way for deposits and withdrawals.
“In the 4 months since USDT launched, our community has shown a huge demand for the Token. You will soon see more stablecoins and assets from other chain , like BTC, on TON. We need a native CFMM to interact comfortably — this is imperative for our growth! Working with one of the industry's leading market makers to incubate this new project was a natural choice,”
an excerpt from the blog
Recent data shows significant growth in the TON ecosystem. The Total Value Locked on the network is approaching $400 million, up from a low of $21 million in early March. Tether ’s integration of USDT has played a major Vai in driving up volume and user activity,
TON Total Value Locked. Source: defillamaAccording to a blog report, USDT on the TON blockchain has reached a net circulation of $729.9 million in just four months since its launch, marking the fastest-growing USDT launch ever. This rapid growth reflects significant demand for the stablecoin on the TON network.
The growing demand for the TON blockchain, combined with Curve Finance’s market-making expertise, shows a promising future for stablecoin trading. This partnership could lead to improved liquidation, reduced Price Impact , and increased adoption of the TON blockchain.
Despite these developments, data from BeInCrypto shows that demand has not spread to TON’s native Token , which is currently trading at $5.49. Meanwhile, Curve DAO’s Token (CRV) has seen a modest gain of 0.8%, trading at $0.2667 at the time of writing.
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