Highlights:
- Tether expands USDT to the Aptos blockchain, aiming for faster transactions with significantly lower fees.
- Aptos Blockchain’s scalability and speed make it an ideal platform for Tether’s expanding digital currency operations.
- Tether and Aptos’s partnership is expected to grow the user base significantly with faster, cost-effective transactions.
Tether, the largest stablecoin issuer, has announced the expansion of its U.S. dollar-pegged USDT stablecoin to the Aptos blockchain. This integration aims to capitalize on Aptos’ advanced technology, enabling faster transactions at lower costs. The move aligns with Tether’s strategy to enhance digital currency accessibility and usability across the globe.
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Tether (USD₮) To Launch on Aptos Blockchain
Learn more: https://t.co/oAZcqa5RRv pic.twitter.com/0Mp7Lwm82b— Tether (@Tether_to) August 19, 2024
Collaboration Between Tether and Aptos
Paolo Ardoino, CEO of Tether, expressed excitement about the partnership.
He stated:
The team at Tether is thrilled to integrate and collaborate with the Aptos ecosystem. Aptos advanced technology provides a robust platform that enables faster and more affordable USDT transactions. This partnership highlights our commitment to driving innovation and offering our users stable and dependable financial solutions.
Mo Shaikh, CEO of Aptos Labs, echoed these sentiments, describing the integration of USDT as a significant milestone for the network.
This partnership will utilize Aptos’ ability to handle large volumes efficiently and expand its user base. I’m eager to see how builders across the Aptos ecosystem will combine strengths with Tether to push the boundaries of blockchain technology.
Bashar Lazaar, Head of Grants at Aptos, also emphasized the importance of this launch. He stated that it would accelerate the availability and utility of real-world value for institutions, Web3 builders, and individuals worldwide. He noted that the partnership aligns with Aptos’ goals of building a global, institution-grade DeFi and payments ecosystem that prioritizes speed, decentralization, and interoperability.
This integration continues Tether’s expansion across multiple blockchain networks, including Ethereum, TRON, and Solana. Despite its broad reach, TRON and Ethereum hold the majority of Tether’s supply, with $60.8 billion and $52.9 billion in liquidity, respectively. However, as competition intensifies, Tether strategically scales its support across new, promising networks like Aptos.
Aptos Blockchain’s Growing Ecosystem
Aptos has been gaining recognition for its high-speed and scalable blockchain infrastructure. Recent statistics highlight the network’s rapid growth, with average daily active users increasing from 96,000 in January 2024 to 170,000 by July 2024. In May 2024, Aptos set a record by processing 157 million transactions in a single day. Consequently, this illustrated its capacity to handle massive volumes efficiently.
Tether’s decision to integrate USDT on the Aptos blockchain is driven by these impressive metrics and the network’s low gas fees. Transactions on Aptos cost only a fraction of a penny, making them economically viable for various use cases, from microtransactions to large-scale enterprise operations. This integration is expected to boost USDT’s utility and accessibility. In addition, it makes it more appealing to users across diverse economic backgrounds.
Tether Vs. Celsius Lawsuit
Recently, Celsius Network Ltd. initiated a lawsuit against Tether Limited, alleging fraudulent transfers and breaches of contract that purportedly led to substantial financial losses exceeding $2 billion. The filings center on accusations that Tether improperly managed a significant amount of Bitcoin collateral, leading up to Celsius’ bankruptcy.
In defense, Tether’s CEO, Paolo Ardoino, stated that the liquidation agreed with Celsius’ management and was within the contractual boundaries. Ardoino describes the lawsuit as a baseless attempt by Celsius to shift the blame for their own mismanagement onto Tether.
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