USDT on TON Grows to $729 Million Boosting P2P Transfers and DeFi

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As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the meteoric rise and fall of numerous digital assets. However, the growth trajectory of USDT on TON is particularly intriguing. Within four months of its integration, it has amassed a total supply of $729 million, making it the seventh largest stablecoin by market capitalization when evaluated independently. This rapid expansion not only speaks volumes about the TON Foundation’s strategic moves but also highlights the increasing appeal of stablecoins in the decentralized finance (DeFi) landscape.

Within four months after the TON Foundation’s integration announcement on April 18, the total supply of USDT on the TON blockchain has grown to $729 million. This makes USDT on TON one of the top seven largest stablecoins in terms of market capitalization when viewed individually. The surge in liquidity is crucial for the growth of the TON network, enabling it to support a wide range of financial and technological applications.

USDT Supply on TON Hits $729 Million

Based on CryptoQuant’s analysis of on-chain data, the amount of USDT on the TON blockchain has significantly risen to approximately $729 million over a span of four months after integration. This significant growth suggests that the influence of this stablecoin within the TON network is expanding.

On its own, TON‘s USDT would be recognized as the seventh most prominent stablecoin based on market cap, demonstrating its substantial influence within the market.

Through the TON Foundation’s integration, a crucial factor in drawing stablecoin liquidity essential for the network’s growth has been achieved. Simultaneously, the increasing availability of USDT not only streamlines numerous financial transactions but also boosts the wider acceptance of the TON platform.

Enhanced P2P Transfers Facilitate Everyday Transactions

As a crypto investor, I’ve noticed an interesting trend with Tether USD on The Open Network blockchain. It seems to be quite efficient for peer-to-peer (P2P) value transfers. The median transfer amounts, which usually fall between $15 and $100, point towards a high frequency of smaller transactions, reminiscent of everyday retail activities. This pattern implies that users are using this stablecoin for their regular financial exchanges, suggesting its integration into everyday life.

Additionally, the regular low median transaction fee of just four cents on the TON blockchain keeps these transactions financially practical for users. This affordability makes it more appealing for peer-to-peer activities, thereby encouraging its utilization in everyday financial transactions.

Tether USD Role in Decentralized Exchanges on TON

The decentralized finance (DeFi) ecosystem on TON blockchain is also influenced by the presence of USDT. The stablecoin is extensively utilized within decentralized exchanges (DEXs), forming a core component of the DeFi activities on the network.

As a data analyst, I’ve observed that platforms like Ston.Fi, Dedust, and StormTrade are key players in executing transactions within the TON network. These entities play a significant role in its functioning.

USDT on TON Grows to $729 Million Boosting P2P Transfers and DeFi

These Decentralized Exchanges serve as crucial foundations for trading activities and liquidity support, empowering users to participate in numerous DeFi functions. Furthermore, the widespread adoption of the stablecoin within these platforms emphasizes its significance in cultivating a vibrant Decentralized Finance ecosystem.

Growth Potential in Wallet Applications

In a similar manner, data showing the number of transactions suggests a notable increase in usage among wallet apps specializing in Peer-to-Peer USDT transfers. Notably, XRocket, CryptoBot, Wallet Bot, and CWallet are at the forefront, enabling these transactions effectively.

The prominence of these wallet applications indicates a strong user preference for Tether USD in P2P transfers, suggesting growth potential.

Most recently, Coingape reported that The Open Network launched the T-Fund, sparking renewed optimism among investors and traders despite recent challenges faced by Toncoin price. The T-Fund is designed to accelerate the growth of the ecosystem by supporting new projects and enhancing network adoption. 

As of the current report, Toncoin’s price stood at approximately $5.80, representing a 2.32% rise over the past day. This surge suggests an uptick in investor activity.

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2024-09-13 21:50