Tether’s stablecoin, USDT, has reached a significant milestone in its integration with The Open Network (TON), Telegram’s popular Blockchain partner. Since its launch in April 2024, USDT has shown explosive growth, reaching authorized issuance exceeding $1 billion.
It is worth noting that of this total issuance, $720.6 million is currently in circulation, while the remaining $309.3 million is authorized but not issued. Either way, this is a significant development that outlines the advancement of both players in the Cryptocurrency world.
Rapid growth of stablecoin USDT on TON
The USDT launch on TON became one of the fastest-growing in Tether history. In just two weeks, the stablecoin managed to issue over $130 million worth of tokens. This demonstrates a growing interest from users.
The latter is attributed to several factors, including the low transaction fees on the TON network, which average just 4 cents. As such, it is an attractive option for everyday transactions and peer-to-peer payments.
With this integration of USDT, the potential to further boost the use of cryptocurrencies among Telegram’s nearly 1 billion users is increased. It is important to note that the TON network is completely decentralized. It is often referred to as a synonym for Telegram due to the close partnership between the two.
Tether CEO Paolo Ardoino emphasized that this collaboration seeks to create a borderless financial system. It also pursues the goal of facilitating more fluid transfers of value. Thus, thanks to this potential, the USDT stablecoin reached this most recent milestone and which could multiply in a short time.
🚀 $USDt on #TON has exceeded $1B in authorized issuance, with $720.6M in net circulation and $309.3M authorized but unissued.
The demand for USDt-TON is skyrocketing — could this be the future of global payments? 👀 pic.twitter.com/6PA7oKDfWw
— TON 💎 (@ton_blockchain) September 16, 2024
Implications for the DeFi ecosystem
The arrival of USDT on TON not only benefits individual users, but also strengthens the decentralized finance (DeFi) ecosystem. With the issuance of USDT, an increase in activity and liquidity within the TON ecosystem is expected. In that sense, this could attract more developers and projects to that blockchain.
The combination of a widely used stablecoin like USDT and TON’s innovative features can facilitate the development of new decentralized applications (dApps). Essentially, the presence of a widely adopted asset expands the boundaries of TON’s reach. Thus, its financial products could become more varied and versatile.
It is worth mentioning that this network has been making rapid progress in the DeFi sector. In a short time, its total value locked (TVL) has seen exponential growth. Despite the impact of Pavel Durov’s arrest, investor interest in the network remains constant.
Among the most active sectors of the network are tap-to-earn games, which have hundreds of millions of users. When the tokens for these games are launched, network activity will increase significantly. At this point, if the USDT stablecoin has previously reached an important milestone, it is expected that its issuance will skyrocket after the tokens are released on the market.
TON TVL is close to $400 million. Source: DeFiLlama
The importance of Tether stablecoin
USDT is by far the largest stablecoin in the entire cryptocurrency world. Its market cap accounts for three-quarters of the entire sector’s market cap. According to data from CoinMarketCap, its market cap is $118.727 billion, while the market cap of the entire sector as a whole is $171.933 billion.
To get an idea of USDT’s market dominance, suffice it to say that its main rival, Circle’s USDC, has a market cap of $35.436 billion. Even though the latter has a lot of momentum, its popularity compared to USDT is low.
Do you want to always be up to date with the world of cryptocurrencies? Subscribe now to CriptoTendencia’s WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.