Six Months, $1 Billion: TON Network’s Explosive USDT Adoption Milestone

2024-11-5 13:00

The partnership between The Open Network (TON) and Tether has reached new heights as the USDT stablecoin experienced a massive surge in just a few months since the start of their collaboration.

A remarkable feat that saw a massive increase in the USDT on TON hitting over $1 billion in only six months, an indicator of the capability of the emerging dynamic duo.

Exponential Growth

Analysts said that TON keeps on moving upward as many investors start to adopt Tether’s stablecoin.

In a report, CryptoQuant said that in the last six months, USDT on TON rose by a whopping 670%.

CryptoQuant added that TON only had $130 million worth of USDT in May 2024, but after half a year, the stablecoin ballooned to $1.02 billion.

Analysts attributed the massive hike to the increasing investors’ preference to use TON, making the network a significant player in the stablecoin sector.

They also believed that the stablecoin market will continue to thrive and flourish rapidly which will open opportunities for emerging blockchain networks.

Currently, stablecoins have gained popularity worldwide. These digital monies are used to facilitate various activities such as cross-border transactions and personal payments.

Data showed that for instance, USDT is being utilized by 10% of all commercial transactions conducted in South Korea.

Low Transaction Fee

CryptoQuant said that the TON blockchain is an excellent substitute for stablecoins because of its low transaction costs, saying that its “competitive transaction fees” fuel the increasing number of USDT transactions on TON.

Analysts considered its remarkably low fees as one of its most significant advantages because it makes TON more attractive to users who conduct regular transactions. TON allows these users to save money while partaking in the cryptocurrency market.

Statistics showed that transaction fees have decreased significantly in the past few months. The median transaction fee in June 2024 stood at $0.061, but it went down to $0.035 by October 2024. A significant reduction greatly contributed to the TON’s rapid adoption because users are seeing the network as an option for their transactions.

USDT Expected To Expand

USDT stablecoin has emerged as a key player in the market today, reaching a USDT supply of about $120 billion.

CryptoQuant predicted that the USDT supply would expand and could reach $200 billion in the bull rally.

“This growth will likely drive further demand for fast and low-cost blockchain networks like TON, leading to continued growth in the amount of USDT on the TON network,” the analyst added.

CryptoQuant also sees that TON will have the opportunity to expand in the stablecoin ecosystem by providing “robust infrastructure and competitive advantages.”

Featured image from Medium, chart from TradingView

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Tether (USDT) на Currencies.ru

$ 1.0001 (-0.04%)
Объем 24H $164.27b
Изменеия 24h: -0.08 %, 7d: -0.04 %
Cегодня L: $0.9997 - H: $1.001
Капитализация $130.159b Rank 3
Цена в час новости $ 0.9996 (0.05%)

usdt months ton billion network massive six

usdt months → Результатов: 102


Фото:

Tether’s USDT Issuance Possibly Led to the Bitcoin Price Surge After March Dip, Data Suggests

Bitcoin (BTC) has recorded a sustained upward momentum over the past couple of months with the digital asset’s price even surpassing the $10,000 level at some point. The virtual currency’s performance continues to defy odds as mainstream financial markets are struggling with the effects of the Covid-19 driven economic crisis. Bitcoin price surge tied to […]

2020-6-9 22:25


Data shows Tether transactions larger than $100k increase by 109% in the past week

During the past week, the total amount of transactions larger than $100,000 in USDT reached $7.3 billion, which represents an increase of 109.82 percent compared to the week before that. Data from IntoTheBlock has also shown that the overall number of USDT transactions has been on the rise in the past three months, as was […] The post Data shows Tether transactions larger than $100k increase by 109% in the past week appeared first on CryptoSlate.

2019-11-1 22:33


ProBit Exchange to launch beta testing period for upcoming trade mining feature that will provide transaction-fee free trading

The beta testing session will feature trading pair BTC/USDT ProBit Exchange has been amassing an impressive arsenal during just 6 months since its launch. Their diverse repertoire features over 30 IEO campaigns being run with multiple sellouts, nearly 70 coins with unique listing events such as trading competitions to promote trade and provide user airdrops, […] The post ProBit Exchange to launch beta testing period for upcoming trade mining feature that will provide transaction-fee free trading appeared first on AMBCrypto.

2019-6-14 18:00


Tether Prints Fresh $150 Million USDT, Market Cap Up 65% Since Bitcoin Rally Started in Early April

$150 million USD authorized, not issued yet Tether market cap increased with Bitcoin price over the last two months that saw BTC going from $4k to $9,100 USDT currently trading at a premium to USD The popular and controversial stablecoin Tether (USDT) has experienced a great surge in its market capitalization since Bitcoin saw a […]

2019-6-11 19:48


Фото:

Tron’s [TRX] node count reaches its highest level in months after jumping by 250 in a few days

The cryptocurrency market was taken aback by the Bitcoin [BTC] hack that cost the world’s largest cryptocurrency exchange, Binance, 7000 BTCs. The crypto community came together to support Binance and among these supporters was Tron Foundation’s CEO and Founder, Justin Sun, who pledged to deposit USDT worth 7000 BTC, equivalent to $40 million.

2019-5-9 18:00


Фото:

Bloomberg Finds That Tether Could Be Backed by Sufficient USD Collaterals

Bloomberg reported December 18 that Tether, the largest stablecoin by market cap, is most likely backed by equivalent USD deposits. Tether’s Bank Statements Suggest USD Sufficiency According to the report, Bloomberg reviewed the bank statements of four separate months which depicted that the amount of USDT coins in circulation was in accordance with Tether LTD’s […] Bloomberg Finds That Tether Could Be Backed by Sufficient USD Collaterals was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-12-19 15:59