**News Flash: Tether's USDT Hits $1 Billion on TON Chain**

Tether's USDT stablecoin has surpassed $1 billion in circulating supply on The Open Network (TON), according to Token Terminal. This milestone highlights USDT's dominance among USD-backed stablecoins and TON's growing popularity, despite challenges faced by Telegram, the platform that created TON in 2018.

TON Foundation, now managing TON, recently partnered with Singapore's ride-hailing app Tada to enable crypto payments. This comes as stablecoin adoption surges, with active wallets doubling since 2022 and transactions hitting $2.5 trillion in H1 2024.

Tether's 2023 profits of $6.2 billion outpaced Blackrock's $5.5 billion. Tether is diversifying investments, including a $200 million stake in Blackrock Neurotech and building a Bitcoin reserve exceeding 75,000 BTC. Meanwhile, Circle is expanding USDC to the Sui blockchain to capture more market share.