Originally published on: September 17, 2024
Tether’s USD-backed stablecoin, USDT, has hit a milestone by surpassing $1 billion in circulating supply on The Open Network (TON), as reported by Token Terminal, a trusted crypto analyst.
The surge in USDT circulation highlights its supremacy among US Dollar-backed stablecoins and the increasing popularity of the TON chain, despite challenges faced by Telegram, the social media platform that birthed TON back in 2018. Notably, Telegram CEO Pavel Durov’s arrest in August didn’t halt the progress of TON chain.
USDT reigns supreme on many Telegram Mini Apps, which run on Telegram’s messaging platform and transact on TON chain.
Exciting news as TON Foundation, now in control of TON chain since 2022, announced a partnership with Tada, a Singaporean ride-hailing app. This collaboration enables users to book rides and make payments using crypto, ushering in a new era of convenience. The announcement coincides with the commencement of Singapore’s Token2049 conference on September 16.
The $1 billion milestone reached by USDT on the TON chain is just the beginning. Source: Token Terminal
Related: Crypto Payments Integrated into Singapore’s Tada Ride-hailing Service via TON
Out of the $172 billion circulating supply of USD-backed stablecoins, USDT dominates with $118 billion, according to CoinMarketCap data. Its closest competitor, Circle Internet Financial’s USDC, boasts a market capitalization of about $35 billion.
The adoption of stablecoins continues to grow rapidly, with active wallets more than doubling since 2022 to over 20 million, as revealed in a recent report by investment firms Castle Island Ventures and Brevan Howard Digital.
Stablecoins have facilitated transactions valued at around $2.5 trillion in the first half of 2024 alone, indicating a surge in usage.
Since 2023, Tether has accumulated $6.2 billion in profits, surpassing the earnings of BlackRock, the world’s largest asset manager, which earned $5.5 billion during the same period. Like competitors such as Circle, Tether converts USDT to USD, then invests in low-risk, interest-bearing assets to capitalize on the returns.
Reports suggest Tether has diversified its investments in budding tech companies. For instance, in April, Tether secured a $200 million stake in BlackRock Neurotech, becoming the brain implant company’s biggest shareholder, according to Reuters.
Additionally, Tether is amassing a substantial Bitcoin reserve. In March, Tether purchased 8,888 BTC worth approximately $618 million. Its total Bitcoin reserves now exceed 75,000 BTC.
As Circle ramps up its efforts to expand its market share, news broke on September 17 of their integration of USDC into Sui, a layer-1 blockchain network constructed using the Move programming language.
Amidst all this action, the Web3 gaming industry is buzzing with excitement as Axie Infinity’s creator explores moving away from Discord, while SocialFi platforms boost gaming revenues.
