TON and Tether Partnership Reaches New Heights as USDT Stablecoin Experiences Massive Surge

The partnership between The Open Network (TON) and Tether has reached new heights as the USDT stablecoin experienced a massive surge in just a few months

The partnership between The Open Network (TON) and Tether has resulted in a massive surge in the USDT stablecoin, which experienced a huge increase in just a few months.

At the beginning of their collaboration, USDT on TON was valued at around $130 million. However, thanks to the increasing number of investors who prefer to use TON, the stablecoin experienced exponential growth, hitting over $1 billion in only six months. This indicator showcases the capability of the emerging dynamic duo.

According to analysts, TON continues to move upward as many investors begin to adopt Tether’s stablecoin.

In a report, CryptoQuant stated that in the last six months, USDT on TON increased by a massive 670%.

CryptoQuant also mentioned that TON only had $130 million in USDT in May 2024, but after half a year, the stablecoin ballooned to $1.02 billion.

Analysts attributed the massive hike to the increasing investors’ preference to use TON, making the network a significant player in the stablecoin sector.

They also believed that the stablecoin market will continue to thrive and flourish rapidly, which will open opportunities for emerging blockchain networks.

Currently, stablecoins have gained popularity worldwide. These digital monies are used to facilitate various activities such as cross-border transactions and personal payments.

For instance, data showed that USDT is being utilized by 10% of all commercial transactions conducted in South Korea.

According to CryptoQuant, the TON blockchain is an excellent substitute for stablecoins because of its low transaction costs, which they refer to as “competitive transaction fees.” These low fees contribute to the increasing number of USDT transactions on TON.

One of TON’s most significant advantages is its remarkably low fees, which make it more attractive to users who conduct regular transactions. By using TON, these users can save money while partaking in the cryptocurrency market.

Statistics show that transaction fees have decreased significantly in the past few months. The median transaction fee in June 2024 stood at $0.061, but it went down to $0.035 by October 2024. A significant reduction greatly contributed to the TON’s rapid adoption because users are seeing the network as an option for their transactions.

The USDT stablecoin has become a key player in the market today, with a USDT supply of about $120 billion.

According to CryptoQuant, the USDT supply is expected to expand and could reach $200 billion in the bull rally.

“This growth will likely drive further demand for fast and low-cost blockchain networks like TON, leading to continued growth in the amount of USDT on the TON network,” the analyst added.

CryptoQuant also sees that TON will have the opportunity to expand in the stablecoin ecosystem by providing “robust infrastructure and competitive advantages.”