APT

Tether Launches USDT on Aptos, Offering ‘Fraction-of-a-Penny’ Transaction Fees

by Soumen Datta

August 19, 2024

This integration is expected to enhance the Aptos ecosystem, which has seen rapid growth in active users and transaction volumes.

Stablecoin issuer Tether announced the launch of its primary stablecoin, USDT, on the Aptos blockchain. This strategic move aims to reduce transaction costs significantly, 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, according to reports. In addition, users are able 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, stressed 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, stating:

"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."

With daily active users surging from 78,000 in May to 300,000 in August 2024, the integration of USDT is expected to further accelerate Aptos' growth.

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.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

Author

Soumen Datta

Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.