Tether (USDT), the largest stablecoin, continues to record numbers. On the one hand, the circulating supply on the TON crypto network exceeds $1 billion, and on the other hand, its total market capitalization exceeds $118 billion.
Record number of stablecoins USDT on Tether and crypto network TON
According to Token Terminal data, the circulating supply of the version of Tether (USDT) running on the Open Network (TON) is over $1 billion.
Specifically, this increase highlights the continued dominance of USDT among stablecoins pegged to the US dollar and the growing popularity of the TON chain.
In fact, the Tether-TON collaboration was launched last year in April 2024 with the aim of bringing USDT natively into the Open Network.
The plan included issuing 60 million USDT in TON in the first phase to enable Telegram’s 900 million users to get started.
At that point, the Tong Foundation had activated strong economic incentives to encourage users to use USDT on its own blockchain, namely TON. In fact, 11 million tons of tokens were allocated and distributed to all USDT holders on the open network.
Over the course of five months, the supply of USDT to TON has increased and is now over $1 billion.
Not only that, in April 2024, Toncoin (TON), the open network’s native cryptocurrency, was in 11th place in terms of market capitalization, but it has now risen to 9th place.
Tether: Stablecoin USDT exceeds $118 billion market cap, captures 75% of market
Tether (USDT) has also increased its dominance in the stablecoin market, with a market capitalization of over $118 billion.
This is impressive growth considering USDT’s market capitalization was $83 billion as of September last year.
In any case, with its current market capitalization, USDT is increasingly becoming the queen of stablecoins, controlling 75% of the entire stablecoin market.
This number is also increasing. In fact, over the past two years, USDT’s market share has increased from 55% in 2022 to 75% today.
All of this success is undoubtedly based on Tether’s efforts, its strategy, and its partnerships, which continue to increase the adoption of USDT around the world.
To understand Tether’s advantage, consider that USD Coin (USDC) remains the second-largest stablecoin with a market cap of $35.5 billion.
Recent news about Tether
It is useful to consider not only the number of Tethers, but also the latest news about the crypto companies behind the world’s largest stablecoins.
The most recent case concerns the UK High Court, which established that USDT can be considered property, attracted by the legal rights of traceability and trustee ownership. This news marks an important step for the regulation of cryptocurrencies in the UK.
In other news, we see Tether the lead in a partnership to launch a new global learning program on the use of USDT on Celo’s blockchain. The program will launch in Nigeria, South Africa, Brazil, Turkey and Vietnam.
Ten days ago, it was revealed that Tether had made its first $100 million investment in the agriculture and food sector. Tether has acquired a 9.8% stake in Adecoa Agro, a major Latin American company.
