Earlier today, in a blog post, Tether Operations Limited (Tether) revealed its intentions to introduce U.S. dollar-pegged Tether tokens (USDT) on the Aptos Network.
This development is a component of Tether’s larger plan to increase the utility and accessibility of digital currency globally by utilising Aptos’ cutting-edge blockchain technology, which is renowned for its speed and scalability.
USDT integration on Aptos Network
Aptos has quickly gained recognition for its robust blockchain infrastructure, designed to handle large volumes of transactions efficiently. Recent data shows significant growth in the Aptos ecosystem, with average daily active users rising this year.
In May 2024, the network processed a record-breaking 157 million transactions in a single day, showcasing its capacity to support high-demand use cases.
Tether hopes to take advantage of these dynamic qualities by bringing its stability and dependability to the Aptos blockchain through the integration of USDT. The growing number of smart contracts that have been deployed on Aptos indicates that the platform is actively and continuously developing, which makes it a perfect fit for USDT.
The exceptionally cheap petrol fees on the Aptos network, which only cost a penny or so per transaction, are one of the main benefits of this integration.
It is anticipated that this functionality will drastically lower transaction costs, increasing the economic viability of USDT transactions in a range of use cases, from tiny microtransactions to massive corporate operations.
A Note from the CEOs of Tether and Aptos
Tether’s CEO, Paolo Ardoino, expressed enthusiasm about the integration, stating, “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.”
“Aptos’ innovative technology offers a solid platform for facilitating faster and more cost-effective transactions with USD₮. This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools,” he added.
Mo Shaikh, CEO of Aptos Labs, echoed Ardoino’s sentiments, emphasizing the significance of this collaboration. “The integration of Tether’s USD₮ marks a significant milestone for Aptos. This collaboration will leverage Aptos’ capability to process massive volumes and rapidly grow its user base.”
He further added, “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.”
APT Price Jumps after the Announcement
The market is already being impacted by the news of APT, the native token of Aptos, increased by more than 2% after the announcement, despite significant psychological resistance.
APT is presently selling at $5.83, and its 24-hour trading volume has increased by a noteworthy 45.82%. However, this increase was short-lived and the price of APT came down.
Furthermore, as per DefiLlama data, the Aptos network’s total value locked (TVL) has approached nearly $400 million, indicating increasing trust in the platform’s potential.
In conclusion, the Aptos network will benefit from Tether’s integration of USD₰, which will increase the use and accessibility of digital currencies. It is anticipated that this calculated partnership would increase the allure of Tether and Aptos even more by providing a more scalable and affordable option for customers across the globe.