The latest updates on The Open Network (TON) as of May 26, 2025, include several significant developments:
Leadership Change: Maximilian Crown was appointed as the new CEO of the TON Foundation, replacing Manuel Stotz, who transitioned to President of the Board. This move aims to strengthen leadership and support international expansion, particularly in the U.S. market, anticipating favorable regulatory conditions.
Stablecoin Integration: Ethena integrated its sUSDe stablecoin, renamed tsUSDe, into TON, supporting both custodial and non-custodial wallets. This enhances TON’s ecosystem for financial applications.
Tokenized Bond Fund: Libre and the TON Foundation launched a $500 million tokenized Telegram Bond Fund, enabling institutional investors to access real-world assets like corporate bonds on-chain.
Network Upgrades: The TON v2025.04 update improved validator operations, network throughput, and the TON Virtual Machine (TVM) to version 10, enhancing performance and smart contract execution.
Ecosystem Growth: The GameFi sector on TON saw rapid adoption, with MemHustle, a Telegram-based mini app/game, reaching over 600,000 players in four months. Additionally, MEXC and $TON launched a $1 million reward campaign to drive user growth through staking rewards and zero trading fees on TON pairs.
Decentralized Storage: Crust Network introduced CrustBags, a file storage marketplace on TON, supported by a TON Foundation grant to advance decentralized storage solutions within Telegram.
Market Performance: Toncoin (TON) is trading at approximately $3.95 USD, down from its all-time high of $8.28 in June 2024, with a market cap of around $9.28 billion. Trading volume has decreased by 51.2% in the last 24 hours, indicating a recent slowdown in market activity.
U.S. Expansion: The TON Foundation is planning to expand into the U.S., leveraging a potentially more favorable regulatory environment.
Despite a recent slowdown in network activity and token price, TON’s integration with Telegram’s 1 billion monthly active users and its focus on scalability through sharding and Proof-of-Stake consensus continue to position it as a strong player in the blockchain space.