Tether (USDT) is quickly becoming the most popular jeton on the TON blockchain. In the past 30 days alone, there have been 4,542,418 USDT transactions on the network, demonstrating its growing adoption.
About a month ago, USDT trades on TON exceeded $300 million, further highlighting its growing influence within the ecosystem.
USDT on $t gaining popularity
“USDT became the most popular Jetton in the past 30 days, with 4,542,418 transactions during this period.Furthermore, about a month ago, USDT trades #ton It exceeded $300 million. ” – by @JA_Maartun
Link 👇… pic.twitter.com/EjvRZnHYIz
— CryptoQuant.com (@cryptoquant_com) October 16, 2024
Meanwhile, Bitcoin and Tether futures markets are showing signs of becoming overleveraged. This is evaluated by dividing BTC-USDT open interest by USDT reserves held on major exchanges.
This calculation includes both Ethereum-based and Tron-based USDT, which together account for 97% of USDT’s market capitalization, making the data highly reliable. The growing leverage imbalance has raised concerns about potential market volatility.
#bitcoin-The Tether futures market is becoming overleveraged.
This is calculated by dividing BTC-USDT open interest by . $USDT Reserves of major exchanges.
This includes ETH and TRON-based USDT, which together account for 97% of USDT’s market cap, which is pretty accurate. pic.twitter.com/7MP9pnIGbK
— Ki Young-ju (@ki_young_ju) October 17, 2024
Not only TON but also TRON recorded remarkable growth
In a separate and related development, the Tron network’s revenue has increased significantly. As of October 15, 2024, Tron’s revenue reached $7.28 million, representing an impressive 170% increase from the $2.69 million reported on the same day last year. This growth highlights Tron’s expanding role in the cryptocurrency ecosystem, especially as a key player in USDT trading.
On October 15th of this year, #Tron Networkhad revenue of $7.28 million, compared to $2.69 million last year, an increase of 170% year-over-year. https://t.co/Q3YRJa7JuB pic.twitter.com/C7YnCayAbd
— Lookonchain (@lookonchain) October 16, 2024
The increasing use of USDT across multiple platforms, including TON and Tron, signals the stablecoin’s growing relevance in the broader crypto market.
USDT’s popularity is expected to continue to rise as the TON network gains momentum with increasing trading volumes. However, the overleveraged state of the Bitcoin and Tether futures markets suggests potential risks that traders and investors will need to monitor closely in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
Follow us on Twitter @themerklehash Stay up to date with the latest crypto, NFT, AI, cybersecurity, and metaverse news.
Image source: stlegat/123RF / Image effect by Colorcinch