The USDT stablecoin, issued by the Tether company, continues to gain ground on the TON (The Open Network) cryptocurrency network.
The milestone of more than 1 billion USDT circulating on this network.
This growth of USDT on TON underlines the strength of the network in the stablecoin market and opens doors for an ecosystem of decentralized applications.
TON is emerging as a reliable and affordable platform for stablecoin transactions. A CryptoQuant analysisled by Burakkesmeci, confirms this trend.
In fact, in just four months, the volume of USDT in TON has doubled, going from 500 million in June, as reported by CriptoNoticias, to more than 1,000 million tokens in October, as seen in the following graph.
Transaction fees on TON have been a major factor in this growth. In June 2024, The average rate was $0.061, but by October it was reduced to $0.035. Which makes TON even more attractive for frequent transactions and micropayments, the analyst noted.
Since the arrival of USDT to TON in April 2024, Tether CEO Paolo Ardoino has highlighted that the inclusion of USDT in TON encourages the transfer of value and reinforces liquidity in the network.
The versatility of highlights TON
In terms of usage, TON has stood out not only for its USDT transaction volume but also for its versatility.
Telegram, the popular messaging app with over 900 million monthly active users, has integrated TON to enable digital assets on its platform, contributing to the growth of the ecosystem.
The TON network hosts a wide range of more than 500 applications including memecoin creation platforms, wallets, exchanges, video games, staking platforms, DeFi protocols and non-fungible tokens (NFT).
Other CryptoQuant analysisconducted by Maartunn, revealed that during the last 30 days TON has processed more than 3,252,156 transactions in USDT), as seen in the following graph.
USDT is far outperforming other tokens that live on the network, such as Catizen’s CATI, a web3 game based on the “play-to-earn” concept, with 469,138 transactions (10%), and RabBitcoin, the game token Rocky Rabbit, with 345,159 transactions (7%).
This increase in the issuance and use of USDT in TON confirms that Users are opting for this network not only for entertainment projectsbut for “serious” and real transactions with stablecoins.
As USDT market capitalization reaches 120 billion dollarsLooking ahead, Maartunn hopes that USDT offering expands to $200 billion during a possible bullish market rally.
“This growth is likely to drive greater demand for fast, low-cost networks like TON, which will lead to continued growth in the amount of USDT on the TON network,” the analyst explained.
