Boom of USDT tokens on TON

Recently, there has been a real boom of USDT on TON. 

At the moment from the launch of Tether’s stablecoin on the Telegram blockchain, in April, less than 100 million USDT tokens had been issued on TON.

Now, according to the official data of the company, they have risen to over 1.4 billion, of which 1.2 billion are already in circulation.

The stablecoin USDT on TON network

The USDT tokens exist on many blockchains. 

Initially, they were issued only on Omni, a sidechain of Bitcoin, on which there are still 105 million in circulation today.

The first boom of the stablecoin Tether occurred when they started issuing USDT tokens on Ethereum as well. To date, there are even 74 billion in circulation on this network.

Subsequently, Tether also began issuing them on other blockchains, and the most successful one for USDT eventually turned out to be Tron. To date, on this blockchain, there are more than 59 billion USDT tokens in circulation. 

Although there are still more USDT on Ethereum than on Tron, the latter network is more widely used for transactions, as it is more economical.

In third position, by number of USDT tokens in circulation, there is Avalanche, with more than 1.4 billion USDT tokens. 

In fourth position, however, TON has now risen, with 1.2 billion, while Solana has dropped to fifth position with less than 900 million. 

None of the other blockchains on which USDT is present exceeds 200 million tokens in circulation. 

The number of USDT units on TON explodes

TON is in fact the blockchain of Telegram, even though technically it is a separate decentralized project. 

After lagging behind other blockchains in the stablecoin sector, it has recently shown a steady growth in the supply of USDT, with a true boom that in just a few months saw it multiply tenfold. 

In fact, in May 2024, there were about 100 million USDT tokens in circulation on TON, while now there are well over a billion. 

According to some analysts, it would be a strong signal for the evolution of TON itself, given that USDT is the most used stablecoin in the world. 

The adoption of stablecoin is a crucial step to bring the success of a blockchain, and USDT on TON guarantees low fees, fast and secure transactions, and above all user-friendly.

The success of TON

TON is a project that was actually started in 2018 with the Telegram ICO, which then failed. 

Subsequently, it separated from Telegram, from a technical point of view, and in 2021 in the middle of the bull run, its cryptocurrency Toncoin landed on the crypto markets. 

The real boom, however, only happened this year, first with the launch of mini-apps on Telegram, and then with the integration of USDT. 

The mini-apps, in fact, have also started to support and process payments, especially if they are game mini-apps, and this has allowed TON to begin to grow significantly in terms of adoption. 

TON moreover is a network that promises speed, security, and scalability, and despite being used by millions of Telegram users, it is currently keeping these promises. 

Furthermore, the crypto ecosystem of Telegram is innovative and full of features, and the arrival of USDT on TON has made it effectively accessible to everyone. 

Toncoin on the crypto markets

A slightly different discussion, however, must be made for the native cryptocurrency of TON, Toncoin. 

In fact, if in March it marked a real boom in the crypto markets, going in a few weeks from $2.1 to the all-time high of $8.2 in mid-June, subsequently its run seems to have come to a halt.

In September, the price had returned to $4.6, and in the last few weeks, it has risen to about $6.

Of course, the current price is much higher than both the initial one in 2021 ($0.5) and the one at the end of January, but it is not much higher compared to the peak of $4.5 in 2021. Furthermore, it is 28% lower than the all-time high from a few months ago. 

Many expected a superior performance for the price of Toncoin during the mini-altseason at the end of November, but instead it barely managed to approach the August peak. 

It should be noted, however, that the price of TON in the crypto markets does not follow that of Bitcoin or altcoins in lockstep, even if it is influenced in the medium term by the trend of BTC. 

This means that, just like in May and June, it could also end up outperforming Bitcoin at a later time. 

USDT (Tether)

Despite the risk of being delisted from centralized exchanges in the European Union, USDT continues to grow. 

Its price obviously always remains fixed around $1, but its market capitalization continues to grow. 

By now it has surpassed 138 billion dollars, while at the beginning of November it was at 120.

Practically, it has been growing continuously since January of last year, especially after the temporary depeg of its main competitor in March 2023. 

Note that by now USDT is no longer used only for exchanges on crypto markets, but also as a means of payment where it is accepted, and especially where local fiat currencies have problems (such as in Argentina).