The authorized USDT issuance of Tether’s stablecoin on The Open Network (TON) has crossed $1 billion, a significant milestone that demonstrates the stablecoin’s and the TON blockchain’s expanding impact. This result demonstrates the growing use of stablecoins and the rapid expansion of TON’s blockchain ecosystem.
According to data from the official transparency report by Tether, the total amount authorized on the TON blockchain is currently $1.03 billion, with $720.6 million circulating and $309.3 million authorized but not issued. This rapid issuance growth actually occurred in the months following Tether’s expansion onto TON at the beginning of 2024.
The integration of USDT onto the TON blockchain is a game-changer for the stablecoin ecosystem. With TON’s fast and scalable infrastructure, we expect to see massive adoption, especially among Telegram’s large user base,” said Paolo Ardoino, CTO of Tether, during the TOKEN2049 conference in April
TON Secures Its Place as Key Blockchain for USDT
TON, initially developed by Telegram, has grown into one of the top five blockchains by USDT issuance, joining the ranks of Ethereum, Tron, and Solana. Its blockchain, known for fast transaction speeds and low fees, is becoming a popular choice for stablecoin transactions. The integration of USDT has played a pivotal role in TON’s recent surge in popularity.
With this Milestone, TON has moved ahead of several other blockchain networks, such as Near, Tezos, and Cosmos, in terms of USDT locked on the platform. The TON network’s expanding role in the decentralized finance (DeFi) space underscores its increasing appeal among both developers and users.
According to Tether’s official page, the authorized issuance of USDT on the TON chain has exceeded $1 billion, currently reaching $1,030,000,002, of which the authorized unissued amount is approximately $309,325,516.46, and the net circulation is approximately $720,674,485.54.…
— Wu Blockchain (@WuBlockchain) September 15, 2024
Partnership with Telegram Boosts Adoption
The major reason for the rapid growth of TON is the fact that it is integrated with the popular messenger Telegram, which has over 900 million users. This allows for seamless USDT sending within the app against other cryptos, where Telegram’s big audience faces a lot of difficulties and confusion in using such cryptos due to complex external platforms. Large-scale P2P transactions powered by TON, in turn, plus the immense audience of Telegram users, are considered the main driver for USDT’s chain adoption.
TON and USDT are also used within Telegram Mini Apps to power different financial and other services.
For example, the Singapore-based ride-hailing service Tada recently began accepting USDT payments through TON, highlighting the blockchain’s real-world use cases.
Growth of Stable Coin and Market Impact
USDT market capitalization keeps the leading position with more than $118 billion. It is still the most widely used stablecoin for transaction purposes on various blockchains, such as Ethereum, Tron, and, lately, TON. In the first half of 2024 alone, more than $2.5 trillion were settled with the use of stablecoins. That underlines the fact that, finally, their role in the global digital economy finds recognition.
The milestone issuance on TON comes with increasing adoption across the wider crypto market in terms of stablecoins as a preferred medium for day-to-day transactions, especially in so-called emerging markets or jurisdictions whose currency volatility makes the proposition of using stablecoins attractive.
Future Prospects
The recent TOKEN2049 conference in Singapore added more to the developments on TON, including new partnerships and integrations that will make it grow further. Its close relationship with Telegram and the real-world utility of USDT within the platform could drive more users to the network, fueling further issuance and adoption.
But as stablecoins like USDT become an increasingly critical part of the crypto economy, TON’s ability to attract liquidity and users will be a critical factor in its continued success. This is just one of many milestones that TON and Tether plan to achieve as the blockchain continues to expand its offerings and use cases.
In conclusion, the $1 billion USDT issuance milestone on TON represents a significant step forward for both the blockchain and Tether. As the crypto market continues to evolve, TON’s growing role in the stablecoin ecosystem will be one to watch.
