TON Network’s USDT Volume Crosses $1 Billion, Up 670%

• The USDT volume on the TON network has surpassed $1 billion.
• TON network’s USDT transaction volume surged 670% in six months.
• Analysts expect the TON network’s increased adoption to affect its token’s price positively.

The USDT volume on the TON network has crossed $1 billion, according to Burak Kesmeci, a Cryptoquant analyst. Kesmeci reported that the TON network’s USDT volume surged 670% in six months, showcasing users’ growing preference for the Telegram-based blockchain for stablecoin transactions.

In May 2024, TON held $130 million in USDT stablecoins, which has since risen to $1.02 billion. This spike has led several crypto analysts to project how the increase could influence TON’s price.

The rising stablecoin transaction volume on TON has yet to affect its native token’s price. TradingView data shows TON is currently trading at $4.83, under bearish pressure.

The TON token’s price trend contrasts with the increase in stablecoin transactions. TON’s current price is 41.8% below its all-time high of $8.28 set in June 2024. However, the token’s price history indicates potential stabilization after finding support in key regions.

Kesmeci highlighted macroeconomic factors that could bolster the TON blockchain’s growth along with other stablecoin-friendly decentralized protocols. According to Kesmeci, the stablecoin market is expanding rapidly, providing opportunities for newer blockchain platforms. He also noted the global acceptance of stablecoins, which are increasingly used for cross-border payments and personal transactions.

Read also: Tether Makes Waves on TON Network with Seamless Payments Guaranteed

For instance, in South Korea, 10% of commercial transactions are processed with USDT. Kesmeci believes TON’s low fees and fast processing give it a competitive edge in the stablecoin ecosystem.

Crypto users anticipate that the TON blockchain’s rising adoption will eventually influence the native token’s price. Historical data shows TON’s price climbed 80% between May and June before retreating. A potential market recovery could see the blockchain platform aiming for higher levels, reflecting its growing user base.