The collaboration aims to make crypto more accessible globally, capitalizing on Aptos’ advanced blockchain and exceptional speed and scalability.
Tether, the company behind the leading stablecoin USDT, has announced plans to launch its US dollar-pegged stablecoin on the Aptos network, an independent Layer 1 blockchain platform focused on safety and scalability, driving growth within a decentralized network and developer ecosystem.
Why Aptos?
Aptos is known for its blockchain framework, which is engineered to deliver exceptional transaction speed. The network fosters a robust developer community, as demonstrated by a steady rise in deployed contracts, indicative of active and ongoing development. The protocol’s average daily active users jumped from 96K in January to 170K in July 2024.
According to the official announcement, the collaboration aligns with Tether’s broader goal of enhancing the global accessibility and utility of cryptocurrency, leveraging Aptos’ advanced blockchain technology with its remarkable speed and scalability.
The integration of USDT on the Aptos blockchain harnesses powerful capabilities, increasing the platform’s appeal with Tether’s established stability and reliability.
Enhancing Tether’s Accessibility
The collaboration also introduces the benefit of ultra-low transaction fees, amounting to just a tiny fraction of a cent. This feature will substantially decrease transaction costs, making it financially feasible for various applications, from small-scale transactions to extensive enterprise operations.
The integration will further enhance the utility and accessibility of USDT, making it more attractive to users from diverse economic backgrounds.
Commenting on the latest development, Paolo Ardoino, CEO of Tether, said:
“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 CEO Mo Shaikh also noted that the collaboration will utilize the network’s ability to handle large-scale transactions and quickly expand its user base.
“This collaboration will leverage Aptos’ capability to process massive volumes and rapidly grow its user base,” Shaikh said.