- Lower Transaction Costs
- Enhancing the Aptos Ecosystem
- Growing Adoption and Market Presence
Tether has announced the launch of its primary stablecoin, USDT, on the Aptos blockchain. This strategic move aims to significantly reduce transaction costs, offering users a more economical and efficient way to conduct transactions.
Lower Transaction Costs
Aptos, known for its low gas fees, charges only a ‘fraction of a penny’ per transaction. This allows users to engage in a wide range of transactions, from microtransactions to large-scale enterprise operations, without the financial burden usually associated with higher-cost networks. Paolo Ardoino, CEO of Tether, emphasized the importance of this collaboration, stating:
"Aptos’ innovative technology offers a solid platform for facilitating faster and more cost-effective transactions with USDT. This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools.".
Enhancing the Aptos Ecosystem
The integration of USDT on Aptos is expected to enhance the blockchain’s appeal by tapping into Tether’s established stability and reliability. The Aptos network has been growing, with a robust developer community and an increasing number of deployed contracts. The platform processed a record-breaking 144 million transactions on Aug. 14, 2024. Mo Shaikh, CEO of Aptos Labs, highlighted the significance of this milestone:
"The integration of Tether’s USDT marks a significant milestone for Aptos. This collaboration will leverage Aptos’ capability to process massive volumes and rapidly grow its user base.".
Growing Adoption and Market Presence
USDT is the most widely-used stablecoin globally, with a market cap of approximately $117 billion, according to CoinMarketCap. It is already live on several major blockchains, including Solana, Ethereum, and TRON. The addition of Aptos to this list expands USDT's reach and utility, making it accessible to a broader range of users across different networks. Daily active users on Aptos surged from 78,000 in May to 300,000 in August 2024, and the integration of USDT is expected to further accelerate Aptos' growth.
The launch of USDT on the Aptos blockchain marks a significant advancement for both Tether and Aptos, providing users with innovative and cost-effective transaction methods. This collaboration is expected to support the growth and development of both platforms.
