Tether Expands to Aptos Blockchain, Cutting USDT Transaction Costs
Tether, a leading player in the crypto world, has made a significant move by introducing its US dollar-pegged stablecoin, USDT, on the Aptos blockchain. This strategic integration aims to enhance accessibility and user-friendliness of digital currencies on a global scale, as stated in a recent press release.
The decision to bring USDT to the Aptos network is driven by the blockchain’s high scalability and fast transaction speeds, which allow for extremely low gas fees, reportedly only a fraction of a cent. This move is expected to make transaction costs affordable for a wide range of applications, from microtransactions to large-scale enterprise operations.
Paolo Ardoino, CEO of Tether, expressed excitement about the partnership with Aptos, highlighting the company’s commitment to making digital currencies more accessible and functional. The press release also underlines Aptos’ impressive growth in 2024, with a significant increase in daily active users and a milestone of processing 157 million transactions in a single day.
In the first half of 2024, Tether reported profits of $5.2 billion and saw its US Treasury portfolio reach an all-time high of $97.6 billion. This expansion to the Aptos blockchain further solidifies Tether’s position in the crypto market, showcasing its dedication to leveraging emerging technologies to provide better services to users worldwide.
Overall, this move by Tether signifies a step towards revolutionizing the crypto landscape and making digital currencies more accessible and cost-effective for a broader audience. Stay tuned for more updates on this exciting development in the crypto world.
