Tether Operations Limited has announced it will launch its U.S. dollar-pegged stablecoin, USDT, on the Aptos blockchain.
According to a recent press release from the company, the move is part of Tether’s ongoing strategy to expand its stabelcoin accessibility and utility.
Aptos’ technology, known for “extremely low gas fees, costing only a fraction of a penny,” as emphasised in Tether’s press release, enable users to conduct transactions that are both cost-effective and scalable, suitable for everything from microtransactions to large-scale enterprise operations. The stablecoin issuer claimed that the integration will enhance the network’s appeal by introducing the stability and reliability of USDT, which is already well-established across various blockchain ecosystems.
Paolo Ardoino, CEO of Tether, expressed excitement about the partnership, stating,
“The team at Tether is thrilled to integrate and collaborate with the Aptos ecosystem, furthering our commitment to making digital currencies more accessible and functional. Aptos’ innovative technology provides a solid platform for facilitating faster and more cost-effective transactions with USDT.”
RELATED: Tether Sets Sights on AI Sector, CEO Eyes Rivaling Microsoft and Amazon
The integration is also seen as a significant milestone for Aptos. Mo Shaikh, CEO of Aptos Labs, highlighted the potential impact of the collaboration, noting,
“This partnership will leverage Aptos’ capability to process massive volumes and rapidly grow its user base. We look forward to seeing builders across Aptos’ hefty ecosystem combine strengths with Tether to push the boundaries of what blockchain technology can achieve.”
Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation, echoed the sentiment, emphasising that the launch of USDT on Aptos accelerates the availability and utility of real-world value for institutions, Web3 builders, and regular users worldwide.
The integration comes amid significant growth in the Aptos ecosystem throughout 2024. According to recent data from Artemis, the network’s average daily active users rose from 96,000 in January to 170,000 by July. Additionally, the platform processed a record-breaking 157 million transactions in a single day.
The network’s total value locked (TVL) peaked at over $500 million in the first half of the year, despite the wider market downturn, and currently stands at approximately $368 million, according to Artemis.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
