Six Months, $1 Billion: TON Network’s Explosive USDT Adoption Milestone

Christian Encila

7 months ago

2 mins read

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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 since the start of their collaboration.

A remarkable feat that saw a massive increase in the USDT on TON hitting over $1 billion in only six months, an indicator of the capability of the emerging dynamic duo.

Exponential Growth

Analysts said that TON keeps on moving upward as many investors start to adopt Tether’s stablecoin.

In a report, CryptoQuant said that in the last six months, USDT on TON rose by a whopping 670%.

CryptoQuant added that TON only had $130 million worth of 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.

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

TON market cap currently at $11.8 billion. Chart: TradingView.com

Low Transaction Fee

CryptoQuant said that the TON blockchain is an excellent substitute for stablecoins because of its low transaction costs, saying that its “competitive transaction fees” fuel the increasing number of USDT transactions on TON.

Analysts considered its remarkably low fees as one of its most significant advantages because it makes TON more attractive to users who conduct regular transactions. TON allows these users to save money while partaking in the cryptocurrency market.

Statistics showed 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.

USDT Expected To Expand

USDT stablecoin has emerged as a key player in the market today, reaching a USDT supply of about $120 billion.

CryptoQuant predicted that the USDT supply would 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.”

Featured image from Medium, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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