According to data from Token Terminal, Tether’s USDT stablecoin has surpassed $1 billion in circulation on The Open Network (TON).
Despite the recent arrest of its CEO, Pavel Durov, the surge in popularity of TON and the ongoing dominance of USDT in the stablecoin market are both underscored by this development.
TON, which was initially introduced by Telegram in 2018 and is currently managed by the TON Foundation, has experienced substantial integration with Telegram Mini Apps, which employ USDT for transaction purposes. Coinciding with the Token2049 conference in Singapore, the foundation recently announced a partnership with Tada, a ride-hailing app in Singapore, that will allow users to pay for transportation using their cryptocurrency.
Currently, USDT dominates the market, accounting for the bulk of the $172 billion in dollar-backed stablecoins, while USDC trails far behind with $35 billion. Active wallets have doubled since 2022, and transaction volumes have reached $2.5 trillion in the first half of 2024, indicating that stablecoin adoption is on the rise.
Tether reported $6.2 billion in profits in 2023, surpassing BlackRock’s earnings. The company has been investing significantly in emergent technology companies, including a $200 million stake in brain implant firm Blackrock Neurotech. Additionally, Tether has been consistently increasing its Bitcoin reserves, which have now surpassed 75,000 BTC.
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