Tether USDT sees rapid $580 million growth on Telegram-linked TON blockchain News ▸ Tether ▸ Stablecoins
Tether USDT sees rapid $580 million growth on Telegram-linked TON blockchain
The Open Network's ease of transaction has been cited as a key factor in USDT's swift adoption.
2 min read
Updated: Jun. 26, 2024 at 4:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether’s USDT supply is growing at its fastest rate on the Telegram-linked The Open Network (TON) blockchain.
According to Tether’s transparency page, the stablecoin issuer has issued $580 million worth of USDT tokens on the blockchain, and its net circulation sits at $519 million as of press time. This milestone comes less than two months after Tether issued its USDT stablecoin on the network.
Why Tether USDT is growing on TON
TON stated that the growth was due to the ease of performing transactions on its network. It stated:
“Sending digital dollars to anyone, anywhere, as easily as sending a text message is a reality for people all over the world. What’s more real than that?”
Market analysts also pointed out that USDT’s supply increase on TON could be linked to the significant investors’ interest in the blockchain ecosystem. Over the past month, TON has experienced considerable growth, with the network flipping the number of daily active addresses on the more storied Ethereum blockchain.
Additionally, Binance, the largest crypto exchange by trading volume, recently enabled support for TON’s USDT on its platform. This move has drastically expanded the crypto community’s access to the stablecoin on the blockchain network.
Tether scrutiny
While USDT’s growth coincides with the overall expansion of the TON ecosystem, a Consumer Research group in the US is now scrutinizing Tether.
On June 25, Fox Business journalist Eleanor Terret reported that Consumers Research, a US consumer advocacy group, recently intensified its efforts against the stablecoin issuer by distributing flyers about it to several lawmakers’ offices in Washington, DC.
The flyers accuse Tether of being involved in fraud investigations, terrorist financing, and having close ties with China. Part of the flyer reads:
“Tether’s shady business practices put consumers’ money at risk, while allowing bad actors to fund their illicit activities across the globe.”
As of press time, Tether has yet to respond to CryptoSlate’s request for comment. However, Tether CEO recently told CryptoSlate that the FUD against it is seemingly neverending and that he realizes the company may have been naive in believing it “could just keep our head down, work, and if we were proving that we were doing good to the world and that we were useful, all the FUD would go away eventually, right?”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Telegram Open Network
Launched in 2018, this cryptocurrency is based on multi-blockchain Proof-of-Stake system – TON (Telegram Open Network, after 2021 The Open Network) – designed to host a new generation of cryptocurrencies and decentralized applications.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.