USDT hits $1B milestone on TON blockchain

Tether's (CRYPTO:USDT) stablecoin, USDT, has surpassed a $1 billion circulating supply on The Open Network (TON), according to crypto researcher Token Terminal.  

This milestone highlights USDT's dominance among USD-backed stablecoins and indicates the rising popularity of the TON blockchain, initially developed by the Telegram messaging platform in 2018.  

The TON chain has continued to attract interest despite challenges, such as the August arrest of Telegram CEO Pavel Durov.  

USDT has become the preferred stablecoin for many Telegram Mini Apps, which are integrated into the Telegram messaging platform and execute transactions on the TON blockchain.  

The network's expansion has been further bolstered by a recent collaboration between the TON Foundation and Tada, a Singapore-based ride-hailing app.  

This partnership, which allows users to book rides and pay with cryptocurrency, was highlighted during the Token2049 conference in Singapore on September 16.  

USDT's growing supply on the TON chain is part of Tether's broader success in the stablecoin market.  

Out of the $172 billion in USD-backed stablecoins currently circulating, USDT holds around $118 billion, according to CoinMarketCap.  

This positions Tether significantly ahead of its closest competitor, Circle’s US Dollar Coin (CRYPTO:USDC), which has a market cap of approximately $35 billion.  

The adoption of stablecoins continues to rise, as noted in a recent report by Castle Island Ventures and Brevan Howard Digital.  

The report found that the number of active wallets holding stablecoins has more than doubled since 2022, now exceeding 20 million.  

Additionally, stablecoins have facilitated transactions valued at about $2.5 trillion in the first half of 2024 alone.  

Tether's business strategy has led to substantial profits, with the company earning $6.2 billion in 2023, surpassing BlackRock's $5.5 billion profit.  

Tether has leveraged these profits to invest in various emerging tech companies, including a $200 million stake in brain implant firm Blackrock Neurotech.  

The stablecoin issuer is also expanding its Bitcoin (CRYPTO:BTC) reserves, currently holding over 75,000 BTC after purchasing 8,888 BTC worth around $618 million in March.  

At the time of reporting, the Tether (USDT) price was $1.00.