The USDT stablecoin from Tether has passed a major milestone by having more than $1 billion in circulation on The Open Network (TON). This success shows that USDT is still the market leader in stablecoins and that the TON blockchain is becoming more important, even though its author, Telegram, is having trouble.
USDT’s power and growth on TON
Token Terminal says that Tether’s USDT has reached a big milestone by having more than $1 billion in reserve on TON. This success shows that USDT is the best dollar-pegged stablecoin and shows that the TON network is becoming more and more popular.
USDT was added to the TON environment for the first time in April 2024, when 60 million USDT were released. This was done to get the stablecoin used on the TON blockchain and shown to the 900 million Telegram users. The TON Foundation gave 11 million TON tokens to people who owned USDT as an incentive to adopt.
Since it started running five months ago, USDT’s use on the TON chain has grown a lot. Also, Toncoin, TON’s own cryptocurrency, has moved up in the market rankings. It is now ranked ninth, up from eleventh before.
USDT’s Place in the Market and Recent Events
The market value of Tether’s USDT has soared past $118 billion, making it even more of a leader in the stablecoin market. This is a big jump from $83 billion just a year ago, and it means that USDT now has about 75% of the stablecoin market. USD Coin (USDC), on the other hand, has a market cap of about $35 billion.
Strategic investments and relationships are part of Tether’s continued growth. Notably, the High Court of England just recently said that USDT is property that can be tracked and has trustee rights. This is a big step forward for regulating cryptocurrencies in the UK. Along with Celo’s blockchain, Tether has also started a global teaching program on how to use USDT. This program is aimed at countries such as Nigeria, South Africa, Brazil, Turkey, and Vietnam. Tether has also made a big investment in agriculture by buying a 9.8% share in Adecoagro, a big farm in Latin America.
