Tether (USDT), the largest stablecoin, continues to record numbers: on one hand, its supply in circulation on the TON crypto network has exceeded 1 billion dollars and, on the other hand, its total market cap has surpassed 118 billion dollars.
Tether and the record numbers of the stablecoin USDT on the crypto network TON
According to the data from Token Terminal, the version of Tether (USDT) operating on The Open Network (TON) has surpassed one billion dollars in circulating supply.
Specifically, this increase highlights the continuous dominance of USDT among stablecoins pegged to the US dollar, as well as the growing popularity of the TON chain.
In fact, the Tether-TON collaboration started last April 2024, with the goal of introducing USDT natively on The Open Network.
The plan included the issuance of 60 million USDT on TON in a first phase, so that the 900 million Telegram users could start using it.
At that moment, the Ton Foundation had activated strong economic incentives to encourage its users to use USDT on its own blockchain, namely TON. In practice, 11 million TON tokens had been allocated and distributed to all USDT holders on The Open Network.
In the span of five months, the supply of USDT on TON has increased to exceed one billion dollars today.
Not only that, while in April 2024, the native crypto of The Open Network, Toncoin (TON) was in the 11th place by market cap, today it has risen to the ninth place.
Tether: the stablecoin USDT surpasses $118 billion in market cap and captures 75% of the market
Tether (USDT) also increases its dominance in the stablecoin market, with the market cap surpassing 118 billion dollars.
It is an impressive growth considering that, just last September, the market cap of USDT was 83 billion dollars.
In any case, the current market cap makes USDT increasingly the queen of stablecoins, with a 75% dominance over the entire stablecoin market.
This figure is also increasing. In fact, in the last two years, the market share of USDT has gone from 55% in 2022 to the current 75%.
All this success is certainly based on the work of Tether, its strategies and partnerships, which continue to increase the adoption of USDT worldwide.
To get an idea of Tether’s dominance, just consider that USD Coin (USDC) continues to be the second stablecoin with a total market cap of 35.5 billion dollars.
The recent news on Tether
Beyond the numbers of Tether, it is useful to also consider the latest news regarding the crypto company behind the world’s largest stablecoin.
The most recent concerns the High Court of England which has established that USDT can be considered property, attracted by the legal rights of traceability and fiduciary ownership. This news marks an important step for the regulation of cryptocurrencies in the United Kingdom.
Another news, then, sees Tether as the protagonist of a partnership that will serve to launch a new global learning program on the use of USDT but on Celo’s blockchain. This program will be launched in Nigeria, South Africa, Brazil, Turkey, and Vietnam.
Ten days ago, it emerged that Tether made its first $100 million investment in the agricultural and food sector. Tether acquired a 9.8% stake in the Latin American giant Adecoagro.
Source: https://en.cryptonomist.ch/2024/09/18/the-stablecoin-usdt-tether-surpasses-one-billion-dollars-in-supply-on-the-crypto-network-ton/