In an impressive twist that nobody saw coming, USDT has skyrocketed to a jaw-dropping $1.4 billion on the TON network in less than ten months. That’s right. Less than a year. Talk about a growth spurt! This is the fastest expansion of stablecoins on any blockchain, ever. It’s a bonkers achievement, especially considering that back in May 2024, TON was sitting on a meager $130 million in USDT.
Fast forward six months, and boom! Over a billion dollars. It’s like watching a toddler grow into a basketball player overnight.
The surge can be traced back to April 2024, when TON finally decided to integrate Tether. And boy, did that move pay off! The user base exploded. More than 5 million active users are flocking to the platform weekly, making it clear that people are digging the low transaction fees and innovative tech. This remarkable growth is further emphasized by the 41% surge in the circulating supply of USDT observed in the past month. Furthermore, this astounding growth has been complemented by the 670% increase in USDT on TON over six months. Stablecoins provide users with a predictable and stable value for transactions, which likely contributed to this surge.
Just imagine a 670% increase in just six months. Most networks would kill for those numbers.
But hold on. While USDT is riding high, it’s not without competition. The stablecoin market has ballooned to over $221 billion, and USDT and USDC still hold a staggering 89% share. However, the landscape is shifting. New players, like Ethena’s USDe, are making waves and ruffling feathers. This isn’t a one-horse race anymore.
And let’s not ignore the economic factors at play. Users are clearly looking for low-cost transactions, and with fees dropping by 42% to just $0.035, it’s no wonder the TON network is seeing a spike in engagement.
People want more for less, and they’re getting it.
In the grand scheme of things, TON is not just a flash in the pan. Its growth signals a broader acceptance of blockchain technology across various applications. This is just the beginning, folks. The future looks bright for USDT on the TON network.
