Tether Operations Limited (Tether), the leading company in the digital assets industry, has announced plans to soon launch U.S. dollar-pegged Tether tokens (“USD₮”) on the Aptos Network. This move aligns with Tether’s broader mission to increase global access to digital currency, leveraging Aptos’ cutting-edge blockchain technology known for its exceptional speed and scalability.
Aptos is renowned for its fast and scalable blockchain infrastructure. Recent data shows significant ecosystem growth, with average daily active users rising from 96K in January to 170K by July 2024. Additionally, in May 2024, the network processed a record-breaking 157 million transactions in a single day.
Integrating USD₮ on the Aptos blockchain takes advantage of these dynamic capabilities, enhancing the platform’s appeal with Tether’s established stability and reliability. The Aptos network also boasts a strong developer community, as evidenced by a steady increase in deployed contracts, indicating active and ongoing development.
The integration of USD₮ on Aptos will also feature extremely low gas fees, costing just a fraction of a penny per transaction. This will significantly reduce transaction costs, making it economically viable for a wide range of applications, from microtransactions to large-scale enterprise operations. This strategic partnership between Tether and Aptos harnesses these transformative features to improve the utility and accessibility of USD₮, making it more attractive to users from diverse economic backgrounds.
1/ Tether Lands on Aptos!@Tether_to is bringing $USDt, the world’s leading stablecoin, to the Aptos blockchain—marking a major first for the Move ecosystem.
This isn't just another integration; it’s a leap toward building the new economy on Aptos. https://t.co/spx7Jx0q57
— Aptos (@Aptos) August 19, 2024
“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’ innovative technology offers a solid platform for facilitating faster and more cost-effective transactions with USD₮. This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools.”
“The integration of Tether’s USD₮ marks a significant milestone for Aptos,” said Mo Shaikh, CEO of Aptos Labs, which helped provide technical expertise to aid the integration. “This collaboration will leverage Aptos’ capability to process massive volumes and rapidly grow its user base. 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.”
“We’re building a strong, global, and institution-grade DeFi and payments ecosystem that values speed, decentralization, and interoperability while leveraging Move on Aptos to make it all work,” said Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation. “The launch of USD₮ on Aptos accelerates the availability and utility of real-world value for institutions, Web3 builders, and regular people worldwide.”
https://twitter.com/ThalaLabs/status/1825510991729143877
Source: Tether
