Blockchain

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

Published

2 months ago

September 13, 2024

Coin2049 Newsletter

USDT on TON has reached a total supply of $729 million within four months following the integration announcement by the TON Foundation on April 18. This growth positions USDT on TON as the seventh largest stablecoin by market capitalization when evaluated independently. The increase in liquidity is essential for the expansion of the TON network, supporting various financial and technological applications.

USDT Supply on TON Hits $729 Million

According to CryptoQuant on-chain data analysis, the total supply of USDT on TON has surged to $729 million in the four months following its integration. This substantial increase underscores the stablecoin’s growing presence within TON blockchain.

If evaluated independently, USDT on TON would rank as the seventh largest stablecoin by market capitalization, highlighting its significant market position.

The integration by the TON Foundation has been pivotal in attracting stablecoin liquidity necessary for network expansion. Concurrently, the growing supply of USDT facilitates various financial transactions and supports the broader adoption of TON.

Enhanced P2P Transfers Facilitate Everyday Transactions

Additionally, data shows that Tether USD on The Open Network blockchain is becoming highly effective for peer-to-peer (P2P) value transfers. The median transfer amounts, ranging between $15 and $100, indicate frequent small-scale transactions typical of everyday retail activities. This pattern suggests that users are leveraging the stablecoin for routine financial interactions.

Moreover, the consistently low median transfer fee of four cents on TON blockchain ensures that these transactions remain economically viable for users. The affordability enhances its attractiveness for P2P activities, promoting its use in daily financial exchanges.

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.

In addition, platforms such as Ston.Fi, Dedust, and StormTrade are among the top entities facilitating transactions on TON.

These DEXs provide essential infrastructure for trading and liquidity provision, enabling users to engage in various DeFi operations. More so, the high usage of the stablecoin in these exchanges underscores its importance in fostering an active DeFi environment.

Growth Potential in Wallet Applications

Similarly, data on transaction counts reveals a significant user adoption from wallet applications that focus on P2P USDT transfers. Wallet services like XRocket, CryptoBot, Wallet Bot, and CWallet are leading the way in facilitating these interactions.

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.

At press time, Toncoin price was trading at $5.82, a 3.44% increase in the last 24 hours. The trading volume also saw a 10% surge, indicating heightened market interest and activity.