Tether Stablecoin Set to Integrate with Aptos Network
Tether Stablecoin USDT to Launch on Aptos Blockchain
Tether Operations Limited, the company behind Tether (USDT), announced on August 19, 2024, that it will soon launch its U.S. dollar-pegged stablecoin, Tether tokens (USD₮), on the Aptos blockchain.
This integration is part of Tether’s broader strategy to enhance the accessibility and utility of digital currencies globally, leveraging Aptos’ advanced blockchain technology, speed, and scalability.
Aptos is well-known for its blockchain infrastructure, which is celebrated for its exceptional speed and scalability. Recent data highlights significant ecosystem growth, with average daily active users increasing from 96,000 in January to 170,000 in July 2024. In May 2024, the network set a record by processing 157 million transactions in a single day.
The integration of USD₮ on the Aptos blockchain is expected to capitalize on these dynamic features, further bolstering Tether’s reputation for stability and reliability. The Aptos network supports a vibrant developer community, as evidenced by the steady increase in deployed contracts, indicating ongoing and active development.
With this integration, USD₮ will benefit from extremely low gas fees, significantly reducing transaction costs. This will make USD₮ economically viable for a wide range of use cases, from microtransactions to large-scale enterprise operations. The strategic collaboration between Tether and Aptos aims to enhance the utility and accessibility of USD₮, making it an even more attractive option for users from diverse economic backgrounds.
Paolo Ardoino, CEO of Tether, expressed his enthusiasm for the collaboration, stating, “We are excited to partner with the Aptos ecosystem, as it will further our commitment to making digital currencies more accessible and functional.” Mo Shaikh, CEO of Aptos Labs, added, “The integration of Tether’s USD₮ marks a significant milestone for Aptos, and we are eager to leverage Aptos’ capabilities to rapidly grow our user base.”
This integration is expected to contribute to the global expansion of the DeFi and payments ecosystem. Bashar Lazaar, Head of Grants & Ecosystem at the Aptos Foundation, emphasized, “The launch of USD₮ on Aptos will accelerate the availability and utility of real-world value for institutions, Web3 builders, and regular users worldwide.”
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Provided by: Tether
