The post Assessing the impact of USDT supply on TON hitting $729M in 4 months appeared on BitcoinEthereumNews.com.

USDT’s supply on TON climbed to as high as $729 million in just 4 months TON registered gains of 24.64% in the last 7 days Over the past week, Toncoin [TON], has seen some strong price recovery on the charts. In fact, at press time, TON was trading at $5.79 following a 4.4% hike over the last 24 hours. Over the last 7 days too, the altcoin recorded gains of close to 25%. These gains have been by-products of greater adoption and market favourability. What has also helped is the growth of USDT on Toncoin since its integration in April 2024. USDT supply on Toncoin hits $729 million According to Cryptoquant’s analysis, the total supply of USDT on TON soared to a record high of $729 million over the last 4 months. USDT integration into TON started on 18 April 2024, with the months since seeing major growth. Source: Cryptoquant The scale of this growth underlined the stablecoin’s growing dominance within the TON blockchain. Undoubtedly, the integration by the TON foundation has been instrumental in attracting the stablecoins required for network expansion. Equally, the growth of USDT in supply within the blockchain has facilitated various financial transactions, while supporting the broader adoption of TON. According to the aforementioned report, USDT’s growth in TON is also well suited for fast adoption of p2p value transfers. This has increased use by retail investors with median transfers around $15-$100. The preference by small investors is mostly driven by low median transfer fees on TON at 4 cents which makes them economically sound. Finally, Cryptoquant’s analysis noted that USDT is also making significant moves into the Toncoin blockchain in the form of high usage in decentralized exchanges (DEXs). Thus, the DeFi ecosystem of USDT on Toncoin is predominantly being shaped by interactions from decentralized…

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Filed under: News - @ September 14, 2024 8:04 pm