Key Takeaways
- Tether’s USDT will soon be available on the Aptos Network, enhancing blockchain utility.
- Aptos recorded a peak of 157 million transactions in a single day in May 2024.
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Tether announced Monday it is launching its USDT stablecoin on the Aptos Network. The move is part of Tether’s strategy to broaden the accessibility and utility of digital currencies worldwide.
“The team at Tether is excited to integrate and collaborate with the Aptos ecosystem, enhancing our commitment to making digital currencies more accessible and functional,” said Paolo Ardoino, CEO of Tether.
Aptos is positioning itself as a fast, secure, and interconnected platform for financial transactions, with the ultimate goal of bringing more people into the world of decentralized finance.
As noted in the announcement, Aptos has shown remarkable growth in its ecosystem; the average daily active users surged from 96,000 in January to 170,000 in July 2024. Moreover, a record-breaking 157 million transactions were processed in a single day in May 2024.
Tether said USDT’s launch on the Aptos blockchain could help enhance the platform’s appeal through Tether’s established stability and reliability.
Tether will also benefit from Aptos’ advanced blockchain technology known for its exceptional speed and scalability. In addition, the integration will benefit from extremely low gas fees, making transactions economically viable for a wide range of applications.
“Aptos’ innovative technology offers a solid platform for facilitating faster and more cost-effective transactions with USDT,” Ardoino added.
Mo Shaikh, CEO of Aptos Labs, believes the partnership will accelerate Aptos’ growth and solidify its position as a high-performance blockchain platform.
“As a member of the Aptos community, I’m looking forward to seeing builders across Aptos’ hefty ecosystem combine strengths with Tether and leverage Move on Aptos to push the boundaries of what blockchain technology can achieve for users globally,” he noted.
Discussing the launch, Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation, said the introduction of USDT on Aptos will enhance the platform’s ability to handle real-world value and attract a wider user base.
“The launch of USDT on Aptos accelerates the availability and utility of real-world value for institutions, Web3 builders, and regular people worldwide,” Lazaar stated.
USDT is the most widely-used stablecoin with a market cap of approximately $117 billion, CoinMarketCap’s data shows. The stablecoin is live on several popular networks, such as Solana, Ethereum, and TRON.
The upcoming launch of USDT on Aptos will follow its recent integration into the Celo blockchain and The Open Network (TON), expanding its blockchain coverage and enhancing user options.
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Author: Vivian Nguyen
