The Tether USDT net circulation has exceeded 500 million on the Open Network (TON). This massive adoption of the world’s largest stablecoin is not unexpected. It comes after it’s introduction along with the gold-backed stablecoin, XAUT two months ago.
Tether Rides High In The Crypto Market
The USDT stablecoin has seen massive adoption due to its peg to the US Dollar (USD). The USD provides stability in the volatile cryptocurrency market. It is integrated across various blockchain platforms. Its use as a medium for seamless transactions also highlight its growing acceptance in the digital asset space.
Additionally, the transparency of Tether’s reserves adds trust in USDT. This was demonstrated when the firm announced its decision to discontinue USDT support on Algorand and EOS in line with industry standards.
Despite the recent regulatory hurdles from Uphold and the United States Senate, Tether has demonstrated resilience, highlighting its strong presence in the stablecoin market and broad adoption within the crypto ecosystem.
The stablecoin giant continues to make significant strides as it recently invested heavily into the biotechnology startup, Blackrock Neurotech. This move helped it to diversify beyond the stablecoin market into other innovative industries.
TON Blockchain Popularity Skyrocketed
The recent accomplishments of USDT hinges on its operations on the TON blockchain.
The Layer-1 blockchain has garnered popularity by becoming Telegram’s top choice for Web3 integration, serving its 900 million global users. The Crypto-Vanguard reported recently that TON saw a surge in user activity as its Total Value Locked (TLV) now exceeds $60 million. This boom comes just three weeks after reaching the $300 million milestone.
This rise in TON’s network activity has been linked to the popularity of crypto mini-games on Telegram like Notcoin, Catizen, and Hamster Kombat. It is worth noting that Toncoin, has now secured its position as the eighth-largest cryptocurrency globally.
The digital asset is currently trading at $7.54, boasting a market capitalization of $18.5 billion but down by 1.66% in the last 24 hours according to CoinmarketCap data. Pantera Capital recently announced its plans to place its second bet on the digital coin after making its largest injection on the coin early this year.
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