The market supply of USDT issued on The Open Network (TON) has approached $520 mln. This milestone was reached about two months after Tether added support for the TON blockchain. How successful is this indicator? Will USDT be able to become a leader on this blockchain? And will it be able to displace other collaborators?
The volume of the TON-based USDT market supply of $520 mln two months after the launch may be regarded as a very successful indicator. The growth rate is impressive, indicating strong demand and rapid adoption of USDT on TON.
The TON platform is becoming increasingly popular among users. People are investing more and more money in various projects on TON, for a total of almost $700 mln.
In addition, many new apps are coming out on TON that users like. This makes TON an attractive place to use digital money such as USDT. The more people use TON, the more likely they are to start actively using USDT on this platform.
The ability to easily transfer USDT via Telegram with its huge user base (900+ mln) offers a significant advantage. The abandonment of some other blockchains in favor of TON indicates Tether's serious intentions regarding this platform.
As regards the prospects for USDT leadership on TON, there is growth potential, given the popularity of Telegram and the development of the TON ecosystem. However, USDT has large volumes on other popular blockchains (e.g. Ethereum, Tron) that are unlikely to be quickly displaced. Competition from other stablecoins could also limit USDT's dominance on TON.
Overall, although USDT's performance on TON is impressive and there is potential for further growth, we believe complete dominance is unlikely anytime in the near future.
The market supply of USDT issued on The Open Network (TON) has approached $520 mln. This milestone was reached about two months after Tether added support for the TON blockchain. How successful is this indicator? Will USDT be able to become a leader on this blockchain? And will it be able to displace other collaborators?
The volume of the TON-based USDT market supply of $520 mln two months after the launch may be regarded as a very successful indicator. The growth rate is impressive, indicating strong demand and rapid adoption of USDT on TON.
The TON platform is becoming increasingly popular among users. People are investing more and more money in various projects on TON, for a total of almost $700 mln.
In addition, many new apps are coming out on TON that users like. This makes TON an attractive place to use digital money such as USDT. The more people use TON, the more likely they are to start actively using USDT on this platform.
The ability to easily transfer USDT via Telegram with its huge user base (900+ mln) offers a significant advantage. The abandonment of some other blockchains in favor of TON indicates Tether's serious intentions regarding this platform.
As regards the prospects for USDT leadership on TON, there is growth potential, given the popularity of Telegram and the development of the TON ecosystem. However, USDT has large volumes on other popular blockchains (e.g. Ethereum, Tron) that are unlikely to be quickly displaced. Competition from other stablecoins could also limit USDT's dominance on TON.
Overall, although USDT's performance on TON is impressive and there is potential for further growth, we believe complete dominance is unlikely anytime in the near future.