As an analyst with over a decade of experience in the cryptocurrency market, I’ve witnessed numerous partnerships and collaborations that have either fizzled out or skyrocketed to new heights. The partnership between The Open Network (TON) and Tether is undeniably one of the latter.
The alliance between The Open Network (TON) and Tether has scaled new peaks, with the USDT stablecoin witnessing a significant increase in value within a short span following the commencement of their joint efforts.
An impressive milestone was reached when the U.S. Dollar Tether (USDT) on the TON blockchain surpassed $1 billion within just six months, suggesting the potential and dynamism of this budding power couple.
Exponential Growth
Analysts said that TON keeps on moving upward as many investors start to adopt Tether’s stablecoin.
In a report, CryptoQuant said that in the last six months, USDT on TON rose by a whopping 670%.
In May 2024, CryptoQuant noted that TON held approximately $130 million in USDT. However, by the end of the following six months, the amount of USDT on TON swelled to a staggering $1.02 billion.
Experts link the substantial rise to growing interest among investors in utilizing TON, positioning the network as a key influencer within the stablecoin market.
Additionally, they held the conviction that the market for stablecoins would not only persist but grow at an accelerated pace, thereby creating prospects for up-and-coming blockchain systems.
At the moment, stablecoins are widely recognized across the globe. These digital currencies are utilized for a range of purposes including international transfers and individual payments.
Data showed that for instance, USDT is being utilized by 10% of all commercial transactions conducted in South Korea.
Low Transaction Fee
CryptoQuant asserts that the TON blockchain serves as a suitable alternative to stablecoins due to its affordable transaction fees, which they refer to as “competitive,” contributing to the rising number of USDT transactions on TON.
Experts often highlight the exceptionally low costs associated with TON as a major selling point, making it alluring for frequent users due to the financial savings they can achieve when participating in the crypto market.
The data indicates that transaction fees have dropped substantially in recent months. Specifically, the median fee in June 2024 was $0.061, but it fell to $0.035 by October 2024. This significant decrease has significantly boosted the popularity of TON, as users find the network an attractive choice for their transactions due to its lower fees.
USDT Expected To Expand
In today’s market, USDT (Tether) has established itself as a major force, boasting a circulating supply of approximately $120 billion.
According to CryptoQuant’s forecast, the amount of USDT (Tether) in circulation might grow significantly during a market uptrend, potentially reaching a total value of around $200 billion.
“This growth will likely drive further demand for fast and low-cost blockchain networks like TON, leading to continued growth in the amount of USDT on the TON network,” the analyst added.
According to CryptoQuant, TON may find room for growth within the stablecoin market by offering “strong foundations and significant benefits” over its competitors.
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2024-11-05 13:16