Significant Growth of Tether (USDT) on the TON Network 🌐
Tether (USDT), a leading stablecoin in the cryptocurrency market, continues to set impressive milestones. This year, the total supply of USDT on the TON blockchain has surpassed $1 billion while its overall market capitalization has crossed $118 billion.
Record-Breaking Supply of Tether on the TON Network 🚀
Recent statistics reveal that the Tether (USDT) on The Open Network (TON) has achieved a circulating supply that exceeds $1 billion. Data from Token Terminal indicates a significant uptrend in USDT’s adoption and usage, reflecting its strong position among stablecoins pegged to the US dollar, alongside the growing appeal of the TON blockchain ecosystem.
The collaboration between Tether and TON commenced in April 2024, with an emphasis on integrating USDT directly onto The Open Network. The initiative aimed to release 60 million USDT within the first phase to facilitate use for the 900 million users of Telegram.
At the time of the launch, the Ton Foundation introduced robust economic incentives to motivate users to engage with USDT on its blockchain. Specifically, 11 million TON tokens were distributed to individuals holding USDT, fostering initial uptake.
Over the subsequent five months, the USDT supply on TON has experienced remarkable growth, ultimately surpassing the one billion dollar mark.
Additionally, while Toncoin (TON) was positioned 11th in market capitalization during April 2024, it has since ascended to the 9th spot in the rankings. This upward trajectory underscores the increasing relevance and strength of the TON crypto network.
Tether’s Market Capitalization Reaches $118 Billion 💰
Tether (USDT) continues to solidify its lead in the stablecoin domain, with a market cap now exceeding $118 billion. This growth is particularly noteworthy given that just last September, the market cap stood at approximately $83 billion.
With this impressive figure, USDT commands an impressive 75% share of the overall stablecoin market. The rise in its market dominance is evident, as the market share expanded from 55% in 2022 to its current level within just two years.
The success of Tether is attributable to strategic initiatives and collaborations that enhance the global adoption of USDT. To illustrate its market position, consider that USD Coin (USDC) follows as the second-largest stablecoin, currently valued at a market cap of around $35.5 billion.
Recent Developments Surrounding Tether 📈
In addition to the impressive statistics, recent news regarding Tether provides insight into significant developments within the company managing this prominent stablecoin.
One notable update involves a ruling from the High Court of England, which has confirmed that USDT can be classified as property based on legal rights surrounding traceability and fiduciary ownership. This decision represents a substantial advancement for cryptocurrency regulation in the United Kingdom.
Another intriguing piece of news involves Tether forming a partnership to launch a comprehensive global education program showcasing the use of USDT on Celo’s blockchain. This initiative is slated for rollout in countries such as Nigeria, South Africa, Brazil, Turkey, and Vietnam.
Additionally, it was disclosed that Tether recently made a significant first investment of $100 million into the agriculture and food sectors. This investment included a 9.8% equity stake in Adecoagro, a notable company operating in Latin America.
In summary, Tether’s remarkable growth and recent developments illustrate its strong position in the cryptocurrency domain, highlighting both its market influence and the initiatives undertaken to foster adoption across various platforms.
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