USDT Exceeds $1 Billion in Token Chain: Token Terminal
Tether's stablecoin, USDT, has exceeded 1 billion dollars in the distribution supply of The Open Network (TON), from the token terminal, according to crypto researcher data.
In 2018, despite problems with Telegram, the social media platform that created Toon Chain, USDT's dominance is a stable coin backed by the United States dollar, and Toon Chain's popularity is on the rise. Telegram CEO Pavel Durov was arrested in August.
Tether's USDT is the coin of choice in many of the Telegram mini-apps that run on the Telegram messaging platform and tons of on-chain applications.
On September 13, Ton Foundation – which will take over the Ton chain from Telegram in 2022 – announced a partnership with Tada, a Singapore-based ride-hailing app that allows users to book rides and pay in crypto. The Singapore Token 2049 conference kicked off on September 16.
The US dollar per ton chain has exceeded $1 billion. Source: Token Terminal
Related: Ride-hailing app Tada integrates tons of crypto payments for Singapore rides
Of the $172 billion in USD-backed stablecoins currently in circulation, nearly $118 billion includes USDT, according to CoinMarketCap. Circle Internet Finance's US dollar coin (USDC), Tether's closest competitor, has a market capitalization of around $35 billion.
Stablecoin adoption is gaining steam, with total active wallets expected to double to 20 million by 2022, according to a September report by investment managers Castle Island Ventures and Brevan Howard Digital.
Stablecoins completed an estimated $2.5 trillion worth of transactions in the first half of 2024, according to the report.
Stablecoin active wallets have roughly doubled since 2022. Source: Castle Island Ventures, Brevan Howard Digital
In the year By 2023, Tether's profit was $6.2 billion, surpassing the $5.5 billion earned by BlackRock, the world's largest asset manager. Like Circle, Tether exchanges USDT for dollars and invests the dollars in low-risk, high-yielding assets, earning interest.
Tether is pouring those profits into a variety of new tech companies. In April, Tether bought a $200 million stake in BlackRock Neurotech, becoming the largest shareholder in the brain implant company, according to Reuters.
The stablecoin issuer is building Bitcoin (BTC) reserves. In March, Tether bought 8,888 BTC worth approximately $618 million during a buyout. The total reserve is more than 75,000 BTC.
Circle has been competing fiercely for market share. On September 17, Circle announced that it is expanding USDC to Sui, a Layer 1 blockchain network using the Move programming language.
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