Tether (USDT) is rapidly becoming the most popular Jetton on the TON blockchain. In the past 30 days alone, there have been 4,542,418 USDT transactions on the network, underscoring its growing adoption.
Around a month ago, USDT transactions on TON surpassed $300 million, further highlighting its rising influence within the ecosystem.
USDT on $TON increasing in popularity
âUSDT has become the most popular Jetton over the past 30 days, with 4,542,418 transactions during this period. Additionally, around a month ago, USDT transactions on #TON exceeded $300 million.â â By @JA_Maartun
Link đ⊠pic.twitter.com/EjvRZnHYIz
â CryptoQuant.com (@cryptoquant_com) October 16, 2024
Meanwhile, the Bitcoin-Tether futures market has shown signs of becoming overleveraged. This is assessed by dividing the BTC-USDT open interest by the USDT reserves held on major exchanges.
This calculation includes both Ethereum- and Tron-based USDT, which together represent 97% of USDTâs total market capitalization, making the data quite reliable. The growing imbalance in leverage raises concerns about potential volatility in the market.
#Bitcoin-Tether futures market is becoming overleveraged.
This is calculated by dividing BTC-USDT open interest by $USDT reserves on major exchanges.
It includes ETH and TRON-based USDT, which together account for 97% of USDT's market cap, making it fairly accurate. pic.twitter.com/7MP9pnIGbK
â Ki Young Ju (@ki_young_ju) October 17, 2024
Not Just TON, But TRON Also Records Notable GrowthÂ
In a separate but related development, the Tron network has seen a substantial increase in revenue. As of October 15, 2024, Tronâs revenue reached $7.28 million, representing a remarkable 170% increase from the $2.69 million reported on the same day last year. This growth highlights Tronâs expanding role in the crypto ecosystem, particularly as a key player in USDT transactions.
On October 15 this year, #TronNetwork's revenue was $7.28M, compared to $2.69M last year, a 170% increase year-over-year.https://t.co/Q3YRJa7JuB pic.twitter.com/C7YnCayAbd
â Lookonchain (@lookonchain) October 16, 2024
The rising usage of USDT across multiple platforms, including TON and Tron, points to the increasing relevance of stablecoins in the broader crypto market.
As the TON network gains traction with higher transaction volumes, USDTâs popularity is expected to continue climbing. However, the overleveraged state of the Bitcoin-Tether futures market signals potential risks that traders and investors should watch closely in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: stlegat/123RF / Image Effects by Colorcinch
The post USDT On $TON Gains Momentum As Transactions Surge Over 4.5 Million appeared first on The Merkle News.
