Tether’s USDT stablecoin has reached a new milestone, surpassing $1 billion in circulating supply on The Open Network (TON), according to data from Token Terminal. This significant achievement underscores USDT's dominance as the leading USD-backed stablecoin, outpacing its rivals like Circle’s U.S. Dollar Coin (USDC).
The rapid adoption of USDT on the TON chain highlights the increasing popularity of TON despite setbacks, such as the arrest of Telegram CEO Pavel Durov in August. Originally developed by Telegram in 2018, control of the TON blockchain was transferred to the TON Foundation in 2022, which has since worked to expand the network’s ecosystem.
USDT's Role in TON Chain and Mini Apps
TON chain has emerged as the go-to platform for various Telegram Mini Apps, which allow users to conduct payments and transactions directly through Telegram’s messaging platform. USDT has become the stablecoin of choice for these applications, further driving its demand.
Key Collaborations and Expanding Use Cases
Recently, on September 13, 2024, the TON Foundation announced a partnership with Tada, a Singapore-based ride-hailing service. This integration allows users to book rides and pay with cryptocurrency, including USDT. The announcement coincided with Singapore’s Token2049 conference, which began on September 16.
Stablecoin Market Landscape
According to CoinMarketCap, out of the $172 billion in circulating USD-backed stablecoins, USDT leads the market with around $118 billion in supply, far ahead of USDC’s market cap of approximately $35 billion. This leadership in the stablecoin market continues as stablecoins gain broader adoption, with more than 20 million active wallets, a figure that has more than doubled since 2022, according to a report by Castle Island Ventures and Brevan Howard Digital.
Tether has also reported significant profits, earning $6.2 billion in 2023, surpassing Blackrock’s $5.5 billion earnings. In addition to investing in various emerging technologies, Tether has built a substantial Bitcoin reserve, acquiring 8,888 BTC worth $618 million in March 2024.
As USDT continues to expand across various blockchain ecosystems, Tether’s strategic investments and its dominance in the stablecoin sector show no signs of slowing down. Circle’s USDC is aggressively competing by expanding into networks like Sui, but for now, USDT maintains a commanding lead in both adoption and market share.
