Tether to launch USDT on Aptos Network to lower Transaction Fees
Stablecoin issuer Tether today announced that it will launch U.S. dollar-pegged Tether tokens (USDT) on the Aptos blockchain to lower transaction fees.
Tether (USD₮) To Launch on Aptos Blockchain
— Tether (@Tether_to) August 19, 2024
Learn more: https://t.co/oAZcqa5RRv pic.twitter.com/0Mp7Lwm82b
The company said in a post that the move is part of Tether’s plan to make digital currency more accessible and useful worldwide by leveraging Aptos' advanced blockchain technology, remarkable speed, and scalability.
The Aptos ecosystem will be integrated and collaborated with by the Tether team, which will further the company's goal of making digital currencies more useful and accessible, according to CEO Paolo Ardoino.
The Aptos blockchain integration of USDT will also have the benefit of incredibly low gas fees—just pennies—for users. A wider range of use cases, from microtransactions to large-scale enterprise operations, will find this feature economically viable due to the significant reduction in transaction costs. Through a strategic partnership, Tether and Aptos are able to take advantage of these game-changing features and improve USDT's usability and accessibility, making it more appealing to users from a wide range of economic backgrounds, the post added.
According to Mo Shaikh, CEO of Aptos Labs, which contributed technical know-how to support the integration, "the integration of Tether's USDT marks a significant milestone for Aptos."
"This partnership will take advantage of Aptos' capacity to handle enormous volumes and quickly expand its user base. Shaikh further said that “As a participant in the Aptos community, I'm excited to watch developers throughout the platform's robust ecosystem combine Tether's advantages with Move on Aptos to expand the potential of blockchain technology for users everywhere.”
With Move on Aptos to make it all work, we're building a robust, global, and institution-grade DeFi and payments ecosystem that prioritizes speed, decentralization, and interoperability," said Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation.
The expansion of USDT stablecoin to Aptos blockchain speeds up real-world value's accessibility and usefulness for organizations, Web3 developers, and everyday people globally.
In April, Tether said it has launched its stablecoin USDT on The Open Network (TON) to integrate digital currencies into everyday life and expand Telegram’s crypto presence. Two months later, the company, the issuer of the largest stable fund in the cryptocurrency market, announced that it will stop minting USDT on EOS and Algorand as of today.
Last month, Tether stablecoin issuer, in its latest quarterly attestation report, achieved a record net profit of $5.2 billion in the first half of the year despite facing a decline in market share.
According to the report by Whaleinsider News, the company built on its first half of the year's success, setting a record-breaking $5.2 billion net profit in the second quarter of 2024, which was Tether's highest net operating profit ever. A portion of the Q2 profits were reinvested in strategic projects to support the ecosystem, while maintaining a sizeable amount of excess reserves worth $5.3 billion to further ensure the token's stability.
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