Tether’s USDT Stablecoin Surpasses $1 Billion on The Open Network (TON)

Tether’s USDT stablecoin has achieved a significant milestone, surpassing $1 billion in circulating supply on The Open Network (TON), according to data from crypto research firm Token Terminal. This highlights USDT’s continued dominance in the market of US Dollar-backed stablecoins and reflects TON’s increasing popularity.
USDT is frequently utilized on Telegram Mini Apps, which run on the Telegram messaging platform and settle transactions via TON. Recently, the TON Foundation partnered with Singapore-based ride-hailing company Tada, allowing users to book rides and make payments using cryptocurrency.
Currently, USDT accounts for approximately 68% of the $172 billion US Dollar-backed stablecoin market, boasting a market capitalization of $118 billion, as reported by CoinMarketCap. Its nearest competitor, Circle’s USDC, holds a market cap of roughly $35 billion.
The adoption of stablecoins continues to rise, with the number of active wallets growing to over 20 million—an increase from 2022, according to data from Castle Island Ventures and Brevan Howard Digital. Stablecoins were responsible for facilitating approximately $2.5 trillion in transactions during the first half of 2024.
In 2023, Tether recorded a profit of $6.2 billion, outpacing BlackRock’s $5.5 billion in earnings. Tether invests these profits in low-risk assets and cutting-edge technologies, including brain implant firm Blackrock Neurotech and Bitcoin reserves.