Tether’s USDT stablecoin has achieved a significant milestone, surpassing $1 billion in circulating supply on The Open Network (TON) chain. This development underscores the growing popularity of both USDT and TON, despite the challenges faced by Telegram, the social media platform that originally created TON.
USDT remains the leading stablecoin, commanding a market capitalization of approximately $118 billion. Its dominance is evident on various blockchains, including TON. The integration of USDT with TON has contributed to the chain’s rising popularity, particularly within the Telegram ecosystem.
Stablecoins have witnessed a surge in adoption, with the number of active wallets doubling from 2022 to over 20 million. This growth is fueled by the increasing demand for stable, digital currencies that can be used for various purposes, including payments, remittances, and investments.
Tether has demonstrated its financial strength through its substantial profits. In 2023, the company generated $6.2 billion in profits, surpassing even the world’s largest asset manager, BlackRock.
Tether’s investment strategy involves swapping USDT for US dollars and investing the funds in low-risk, yield-bearing assets. This approach has generated significant returns, enabling Tether to expand its investments into emerging technology companies.
Tether has been actively pursuing strategic partnerships to broaden its reach and enhance its product offerings. In April 2024, Tether acquired a $200 million stake in BlackRock Neurotech, becoming the largest shareholder in the brain implant company.
Additionally, Tether has been expanding its stablecoin offerings. In September 2024, Circle announced the integration of USDC with Sui, a layer 1 blockchain network. This move aims to increase the accessibility and usability of USDC for users on different blockchains.
USDT’s achievement of surpassing $1 billion on TON chain highlights the growing adoption of stablecoins and the potential of blockchain technology. Tether’s strategic investments and partnerships demonstrate its commitment to innovation and expansion.
As the cryptocurrency market continues to evolve, stablecoins like USDT are likely to play a crucial role in facilitating various financial transactions and bridging the gap between traditional finance and the digital economy.
Read Also: USDC Integrates with Brazilian and Mexican Payment Systems
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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