Tether’s USDT stablecoin has reached a significant milestone, surpassing $1 billion in circulating supply on The Open Network (TON), as reported by Token Terminal. This achievement highlights USDT’s continued dominance in the stablecoin market, particularly over its closest competitor, Circle’s USD Coin (USDC).

🔮 TON Chain Gains Popularity Amid Collaborations

Despite early setbacks for Telegram, the creator of TON chain, the network’s popularity is on the rise. TON Foundation, which now oversees the project, has recently announced a partnership with Singapore’s ride-hailing app Tada, allowing users to book rides and pay with crypto, including USDT. This partnership showcases TON chain’s growing real-world applications and increasing adoption.

🔮 USDT’s Market Leadership

Of the $172 billion in U.S. Dollar-backed stablecoins in circulation, USDT leads with a market capitalization of approximately $118 billion. In comparison, USDC holds around $35 billion, making it a distant second. USDT’s strong presence across various platforms, including Telegram Mini Apps, continues to solidify its position as the stablecoin of choice.

🔮 Tether’s Expanding Influence and Investments

Tether has also been leveraging its profits, which reached $6.2 billion in 2023, surpassing even the world’s largest asset manager, BlackRock. Tether has been using these profits to invest in emerging technologies, such as a $200 million stake in BlackRock Neurotech, and is building a significant Bitcoin reserve, currently holding over 75,000 BTC. This strategic expansion showcases Tether’s ambition to strengthen its position in both the crypto and broader tech markets.

#Token2049 #OMC #NeiroOnBinance #BinanceLaunchpoolHMSTR #BinanceLaunchpoolCATI