Six Months, $1 Billion: TON Network’s Explosive USDT Adoption Milestone
05 November 2024 - 11:00AM
NEWSBTC
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. Related Reading: Bitcoin
Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival
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. Related Reading: Why One Analyst
Says Now’s The Time To Buy XRP—Before It Hits $14 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
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