Tether, the issuer of the largest stablecoin in the market, USDT, has announced that it will be bringing the stablecoin on the Aptos blockchain. As part of its broader strategy to make its digital currency more accessible to a global front, Tether is leveraging the scalability and developer community of the Aptos ecosystem to achieve its purpose.
USDT to Launch on Aptos Blockchain
In an announcement dated August 19, the British Virgin Islands-based iFinex-owned company Tether informed the public that it will soon be launching its U.S. dollar-pegged stablecoin USDT on the Aptos network.
Tether highlights some key growth trends of the Aptos network, backing up its choice of expanding to the ecosystem. According to recent data, the average daily active users on the Aptos network have surged significantly from about 96,000 in January to 170,000 in July of 2024.
Additionally, in May, Aptos recorded a massive 157 million transactions in one day signifying the growing adoption and popularity of the network. Based on these, Tether hopes to tap into these capabilities to increase the adoption of the crypto asset. Moreover, The Aptos network fosters a strong developer community, as indicated by a consistent rise in deployed contracts, indicating active and continuous development.
Tether also pointed out that the integration of USDT on the Aptos network will bring about reduced transaction fees, and users will only have to pay a “fraction of a penny.”
“This feature will significantly reduce the cost of transactions, making it economically viable for a broader range of use cases, from microtransactions to large-scale enterprise operations,” the statement reads.
The collaboration between Aptos and Tether is strategic as it takes advantage of transformative features to increase the utility, accessibility, and adoption of USDT, making it more attractive to users globally.
Speaking on the matter, the CEO of Tether, Paolo Ardoino, expressed his team’s excitement about the new collaboration. He emphasized that the Aptos innovative network will offer a platform to bring faster and cheaper transactions with USDT.
“This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools,” he said.
Aptos (APT) Price Reaction Amid Announcement
Meanwhile, APT, the native coin of the Aptos ecosystem, reacted positively to the news. Shortly after the announcement, the price of APT spiked by almost 3% reaching $6.013. However, at the time of writing, APT declined, falling by 0.69% to trade at $5.83.
Amid this price movement, the one-day trading volume of the asset jumped by a notable 52.36% to reach $123.9 million indicating increasing trading activities. Ultimately, APT has traded between the range of $5.74 and $6.01 in the last 24 hours.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.