KEY POINTS
- Tether's Ardoino said the collaboration emphasizes Tether's efforts to lead with innovation
- Aptos has facilitated over a billion transactions, including a single-day record of 157 million transactions
- Aptos has grown its average daily active user base from 96K in January to 170K in July
Stablecoin giant Tether on Monday announced it would soon launch its U.S. dollar-pegged stablecoin $USDT on decentralized developer ecosystem Aptos. The goal is to improve the accessibility of the world's top stablecoin globally through the Aptos network's advanced blockchain technology.
The integration offers extremely low gas fees, "costing only a fraction of a penny" that will significantly reduce transaction costs that should make transactions more economically viable for various use cases such as small transfers to large-scale enterprise operations.
Accessibility and utility
The $USDT is already popular among many crypto users worldwide, but the integration of the token with Aptos is expected to make the leading stablecoin more appealing to users across different economic backgrounds.
Tether (USD₮) To Launch on Aptos Blockchain
— Tether (@Tether_to) August 19, 2024
Learn more: https://t.co/oAZcqa5RRv pic.twitter.com/0Mp7Lwm82b
"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," Tether CEO Paolo Ardoino said in a statement. "This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools," he added.
"This collaboration will leverage Aptos' capability to process massive volumes and rapidly grow its user base. As a member of the Aptos community, I'm looking forward to seeing builders across Aptos' hefty ecosystem combine strengths with Tether and leverage Move on Aptos to push the boundaries of what blockchain technology can achieve for users globally," said Mo Shaikh, CEO of Aptos Labs.
A robust blockchain infrastructure
Aptos has seen significant growth in recent months. With a blockchain infrastructure recognized for its unparalleled speed and scalability, the protocol has attracted developers and users across the globe. The latest data shows that average daily active users spiked from 96,000 in January to 170,000 in July. Also, the network saw a record-breaking 157 million transactions processed in a single day in May. It has so far processed over one billion transactions.
3/ Get ready to experience the future of digital finance on Aptos with Tether!
— Aptos (@Aptos) August 19, 2024
Learn more about how @Tether_to is making digital currency more accessible and inclusive on the Aptos network ⤵️https://t.co/NSevjzV4Hv
The network has a robust developer community, as evidenced by a steady increase in deployed contracts that indicate continuing development. Game developers can use the platform to level up their development process, including enabling true ownership, adding free-to-play models, and unlocking GameFi opportunities.
Developers of non-fungible tokens (NFTs) can also use the platform to explore its creative freedom offering, and Web3 developers who want to integrate social media can also utilize Aptos' solutions for blockchain social media projects.
Moving forward
Meanwhile, Tether continues to work on expanding its collaborations, including with the Swiss city of Lugano. The joint initiative between Tether and Lugano, the Plan B forum, will feature key crypto industry figures, including Blockstream CEO Adam Back, OCEAN chairman and CTO Luke Dashjr, and three family members of freed WikiLeaks founder Julian Assange.
