Stablecoin issuer Tether Holdings is on track to launch USDT on Aptos in a bid to expand the reach of both protocols.
Top stablecoin issuer Tether Holdings Inc. has hinted at plans to put USDT on the Aptos blockchain. Having the United States dollar-pegged stablecoin on the network would reduce transaction costs by a significant percentage. Ultimately, this move is part of Tether’s goal to make digital assets more accessible and useful globally.
Tether to Tap into Aptos’ Advanced Blockchain Infrastructure
Over time, Aptos’ network has become renowned for its intriguing blockchain infrastructure, which provides unparalleled speed and scalability. As announced, this USDT listing will capitalize on Aptos’ advanced blockchain technology, exceptional speed, and scalability. In the long run, these advanced features might help deliver “extremely low gas fees, costing only a fraction of a penny” as the duo hinted.
Transaction fees might become more economically viable for a broader range of use cases, from microtransactions to large-scale enterprise operations.
Aptos blockchain’s user base is consistently growing at a meteoric rate. Last month, on-chain data showed that its average daily active users soared from 96,000 in January to 170,000. This corresponds with more than a 76% increase in six months. Similarly, it broke a record in May when the number of transactions processed in a single day hit 157 million.
Tether is set to tap into these capabilities and achievements with USDT going live on the blockchain. According to Paolo Ardoino, CEO of Tether:
“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.”
He acknowledged Aptos’ innovative technology, offering a solid platform for facilitating faster and more cost-effective transactions with the Tether USD-pegged stablecoin. Ardoino highlighted that the collaboration underscores the company’s ongoing efforts to lead with innovation and support its users with stable, reliable financial tools.
With USDT on Aptos, the major competitor it will have to watch out for is the Tron network. This blockchain has dominated the stablecoin sector, even above Ethereum.
Aptos Foundation Web3.0 Advancement Moves
In recent months, several protocols have inked partnerships with Aptos blockchain, underscoring the digital asset sector’s transformative potential. In May, global Web3.0 infrastructure provider Hashkey Cloud secured a strategic partnership with Aptos Foundation to promote the development of applications on the blockchain.
The deal focuses on offerings like Decentralized Identifiers (DID) and regulated Security Token Offering (STOs). It took off with the native integration of HashKey DID, a multi-chain decentralized identity data aggregator powered by smart contracts, Non-fungible tokens (NFTs), and privacy protection decentralized protocols. Both entities plan to provide users with identity services.
In February, Aptos partnered with Jambo, a blockchain protocol connecting Africans with global blockchains. They plan to enhance Web3.0 accessibility and education in Africa, Southeast Asia, and Latin America. The Aptos Foundation remains a key player in promoting Web3.0 through advancing the Aptos blockchain.
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