Binance Adds USDT on TON, Toncoin Holder Count Goes Parabolic

Binance has integrated support for the Tether (USDT) stablecoin on TON blockchain.

Since March, The Open Network has been turning heads as capital flows into the ecosystem and user activity breaks one record by another. 

Binance Integrates USDT Support on TON

Binance has announced adding USDT on TON blockchain. With this integration, it has opened the space for deposits and withdrawals. 

The update is pivotal for TON, seeing as USDT is the largest stablecoin on market capitalization metrics. Stablecoins offer essential stability in the volatile blockchain market, with USDT maintaining its dominance due to its liquidity, accessibility, integration with decentralized finance (DeFi), and utility in cross-border transactions.

In April, USDT issuer Tether announced its collaboration with TON. This alliance aims to offer crypto transactions worldwide, providing financial solutions for unbanked populations. This partnership is set to create a borderless financial system through decentralized technology, improving accessibility and transaction efficiency.

Read more: How to Buy USDT in Three Easy Steps – A Beginner’s Guide

Interestingly, Toncoin, the native token of TON blockchain, still lacks a spot listing on Binance. Currently, the ninth-largest cryptocurrency is available only in the form of perpetual futures.

However, the exchange may surrender under TON’s growing demand. CryptoQuant community manager and analyst Maarten highlighted The Open Network as one of the most popular blockchains. He cited various on-chain metrics skyrocketing, indicating the network’s steady growth.

Toncoin’s On-chain Metrics on Rise

Key on-chain metrics show significant growth in The Open Network, starting with the transfer volume. This metric shows the total on-chain amount of tokens in USD transacted for a given asset in a given time interval. Maarten observes that the total value of transactions conducted through the TON blockchain ranges between $5 billion and $10 billion.

Relative to Bitcoin’s average daily transfer volume of around $50 billion, TON has already achieved between 10% of the capacity BTC recorded. Given TON is only four years old, this is not a mean feat.

Read more: 6 Best Toncoin Wallets in 2024

TON transfer volume
TON Transfer Volume. Source: CryptoQuant

Another on-chain metric that points to massive growth for TON chain is Toncoin’s holder count. This metric quantifies the number of distinct addresses holding a token across predefined balance intervals, offering insight into ownership distribution. 

Maarten’s analysis shows 32 million Toncoin holders, up from 2.9 million a year ago. This represents a 1003% increase within a year and points to the growing popularity of the TON token.

Read more: What Are Telegram Bot Coins?

TON holder count
TON Holder Count. Source: CryptoQuant

The Open Network’s popularity is increasing due to simple, token-rewarding games like Notcoin (NOT), Yescoin, and Hamster Kombat. Telegram, the popular messaging platform with nearly 1 billion users, uses The Open Network as its preferred solution for Web3 integration.

Another bullish indicator for the TON blockchain is Pantera Capital’s recent investment. The venture capital firm injected an undisclosed sum into The Open Network, marking a significant milestone as TON continues to gain traction within the expansive Telegram user base.

The post Binance Adds USDT on TON, Toncoin Holder Count Goes Parabolic appeared first on BeInCrypto.

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