19 August 2024—Tether Operations Limited (Tether), the leading company in the digital assets industry, has announced the upcoming launch of its U.S. dollar-pegged Tether tokens (USD₮) on the Aptos Network. This strategic integration is a key part of Tether’s mission to make digital currency more accessible and functional worldwide, leveraging Aptos’ cutting-edge blockchain technology.
Why Aptos?
Aptos is renowned for its advanced blockchain infrastructure, designed for speed and scalability. The network has experienced substantial growth, with average daily active users increasing from 96,000 in January to 170,000 in July 2024. In May, Aptos set a new record by processing 157 million transactions in a single day.
This growth and performance make Aptos the ideal platform for Tether’s USD₮, which will benefit from the network’s rapid transaction speeds and low gas fees—costing just a fraction of a penny. This affordability opens up new possibilities for a wide range of use cases, from microtransactions to large-scale enterprise applications.
Enhancing the Ecosystem
The integration of USD₮ on Aptos brings Tether’s well-established stability and reliability to the network, further enhancing Aptos’ appeal. With a vibrant developer community and a steady increase in deployed contracts, Aptos is positioned as a leader in blockchain innovation. The collaboration between Tether and Aptos will provide users with faster, more cost-effective transactions, driving broader adoption of digital currency.
Industry Leaders Weigh In
Paolo Ardoino, CEO of Tether, expressed enthusiasm about the partnership: “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. 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.”
Mo Shaikh, CEO of Aptos Labs, highlighted the significance of this development: “The integration of Tether’s USD₮ marks a significant milestone for Aptos. 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.”
Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation, added: “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. The launch of USD₮ on Aptos accelerates the availability and utility of real-world value for institutions, Web3 builders, and regular people worldwide.”
Conclusion
The launch of USD₮ on the Aptos blockchain is set to be a game-changer, bringing together Tether’s trusted stablecoin with Aptos’ high-performance network. This collaboration is poised to enhance the utility and accessibility of digital currencies, making them more appealing and practical for users across the globe.
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