Tether to Launch USDT Stablecoin on Aptos Network 

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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August 19, 2024 05:01 EDT

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Tether Operations, the issuer of the world’s largest stablecoin, has announced its plan to launch U.S. dollar-pegged Tether tokens (USDT) on the Aptos Network.

The integration aims to capitalize on Aptos’ layer-1 blockchain technology developed by former Facebook employees. Aptos, known for its speed and scalability, is positioning USDT to benefit from a rapidly growing ecosystem. This move is part of Tether’s broader strategy to expand accessibility.

Aptos said it has been gaining recognition for its blockchain infrastructure. Recent statistics show growth within the Aptos ecosystem, with average daily active users going from 96,000 in January 2024 to 170,000 by July 2024.

In May, Aptos reported 157 million transactions processed in a single day, underscoring the network’s capacity to handle massive transaction volumes efficiently.

Aptos surpassed Solana by recording an astounding 115.4 million transactions in a single day, far exceeding Solana’s 31.7 million, according to Aptoscan.

Integrating USDT on Aptos Means Lower Gas Fees

Tether highlights one of the key advantages of integrating USDT on Aptos is the network’s extremely low gas fees. Transactions on Aptos cost only a fraction of a penny, making them much more economically viable for a wide range of use cases.

From microtransactions to large-scale enterprise operations, this feature reduces the cost barrier for users, which could broaden the adoption of digital currencies, claims the firm.

This collaboration between Tether and Aptos is expected to improve the utility of USDT, making it a more appealing option for users across various economic backgrounds and industries.

“Aptos’ innovative technology offers a solid platform for facilitating faster and more cost-effective transactions with USDT,” said Tether’s CEO, Paolo Ardoino.

He emphasized that this partnership aligns with Tether’s mission to lead through innovation while providing users with stable and reliable financial tools.

Aptos Labs CEO, Mo Shaikh, echoed these sentiments, stating that the integration of USDT represents a significant milestone for the network. “This collaboration will leverage Aptos’ capability to process massive volumes and rapidly grow its user base,” said Shaikh.