The partnership between The Open Network (TON) and Tether has reached a new high as the USDT stablecoin has experienced a massive surge in the months since their partnership began.
The incredible action that saw the massive rise of USDT in TON hit over $1 billion in just six months, an indication of the dynamic duo’s growing ability.
Visible Growth
Analysts say that TON continues to rise as more investors start using Tether’s stablecoin.
In a report, CryptoQuant said that in the past six months, USDT to TON has increased by 670%.
CryptoQuant added that TON had only 130 million USDT in May 2024, but half a year later, the stablecoin reached $1.02 billion.
Analysts attribute this huge increase to the increase in investors choosing to use TON, making the network an important player in the stablecoin sector.
They also believe that the stablecoin market will continue to grow and grow rapidly which will open up opportunities for emerging blockchain networks.
Currently, stablecoins have gained popularity around the world. These digital currencies are used for various activities such as cross-border transactions and personal payments.
The data showed that for example, USDT is used by 10% of all transactions made in South Korea.
Low Transaction Fee
CryptoQuant said the TON blockchain is an excellent platform for stablecoins due to its low transaction costs, saying its “competitive transaction fees” account for the increasing amount of USDT for TON transactions.
Analysts consider its significantly lower fees to be one of its most important advantages because it makes TON more attractive to casual users. TON allows these users to save money while participating in the cryptocurrency market.
Statistics have shown that operating costs have dropped significantly over the past few months. The average transaction fee in June 2024 stood at $0.061, but decreased to $0.035 in October 2024. The large reduction contributed greatly to the rapid adoption of TON because users see the network as an option for their activities.
USDT Awaits Expansion
The USDT stablecoin has emerged as an important player in the market today, reaching a USDT supply of around 120 billion.
CryptoQuant predicted that the supply of USDT will increase and could reach $200 billion in a bull rally.
“This growth will likely drive more demand for fast and low-cost blockchain networks like TON, leading to further growth in the value of USDT on the TON network,” the analyst said.
CryptoQuant also believes that TON will have the opportunity to grow in the stablecoin ecosystem by providing “strong infrastructure and competitive advantages.”
Featured image from Medium, chart from TradingView
Source link