The collaboration between The Open Network (TON) and Tether is witnessing unprecedented growth as the USDT stablecoin has seen a significant surge within a brief period of their partnership. This remarkable achievement underscores the potential and capability of this innovative alliance, as the USDT on TON surpassed $1 billion in merely six months.
Exponential Growth
The astronomical rise of USDT on the TON network is a testament to its increasing adoption by investors. According to a report by CryptoQuant, there has been a staggering 670% increase in USDT on TON over the past six months. In May 2024, the USDT on TON was valued at $130 million, and within half a year, it expanded to an impressive $1.02 billion.
This substantial growth is attributed to the growing preference of investors to utilize TON, positioning the network as a significant player in the stablecoin sector. Analysts are optimistic that the stablecoin market will continue to flourish, creating new opportunities for emerging blockchain platforms. Stablecoins have gained immense popularity worldwide, being used for various activities, including cross-border transactions and personal payments. For instance, data reveals that USDT is utilized in 10% of all commercial transactions in South Korea.
Low Transaction Fees: A Key Advantage
One of the standout features of the TON blockchain is its low transaction costs, making it an attractive option for stablecoin transactions. CryptoQuant highlights that the competitive transaction fees on TON have significantly contributed to the rising number of USDT transactions. The remarkably low fees are a major advantage, especially for users who engage in regular transactions, allowing them to save money while participating in the cryptocurrency market.
Recent statistics indicate a significant reduction in transaction fees over the past few months. In June 2024, the median transaction fee was $0.061, which decreased to $0.035 by October 2024. This reduction has greatly facilitated the rapid adoption of TON, as users view it as a viable option for their transactions.
USDT Poised for Further Expansion
The USDT stablecoin has cemented itself as a major player in the market, with its supply reaching approximately $120 billion. CryptoQuant predicts that the USDT supply could expand further, potentially reaching $200 billion during the next bull rally. This anticipated growth is expected to drive increased demand for fast and cost-effective blockchain networks like TON, contributing to the continued expansion of USDT on the TON network.
Moreover, CryptoQuant envisions that TON will seize opportunities to grow within the stablecoin ecosystem by offering robust infrastructure and competitive advantages.
