Tether expands USDT to Aptos for low-fee transactions and DeFi boost News ▸ Aptos · Tether ▸ Stablecoins
Tether expands USDT to Aptos for low-fee transactions and DeFi boost
Aptos's transaction volume has recently soared to record highs following the introduction of a new game.
2 min read
Updated: Aug. 19, 2024 at 11:51 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether said it is expanding its USDT stablecoin to the layer-1 blockchain network Aptos, according to an Aug. 19 statement.
This move furthers USDT presence across various blockchain networks, including Ethereum, Tron, Avalanche, Celo, and Solana. However, most of Tether’s $116 billion supply remains concentrated on TRON and Ethereum, accounting for 88% of the total supply, according to DeFillama data.
Why Aptos?
Tether explained that integrating USDT on the Aptos blockchain will offer extremely low gas fees, costing a fraction of a penny. This will make transactions more cost-effective, benefiting microtransactions and large-scale enterprise operations.
The stablecoin issuer also cited Aptos’ strong developer community and thriving ecosystem as critical factors in its decision.
Tether CEO Paolo Ardoino praised Aptos’ innovative technology, stating that it provides a solid platform for faster and more cost-effective USDT transactions. He emphasized that this collaboration aligns with Tether’s commitment to innovation while offering users stable, reliable financial tools.
Aptos, co-founded by Mo Shaikh and Avery Ching, aims to offer a scalable and user-friendly infrastructure for decentralized apps and smart contracts. Both founders were previously involved in Meta’s Diem blockchain project.
Recently, Aptos experienced a surge in activity due to the launch of the click-to-earn game Tapos 2. On Aug. 15, the network processed over 326 million transactions, reaching a peak of over 12,000 transactions per second.
DeFi opportunity
Market observers suggest this move will inject new energy into Aptos’s DeFi sector.
VibrantX Finance, a yield aggregator platform, noted that the integration could boost liquidity in the Aptos ecosystem. This would facilitate smoother transactions, attract new users and developers, and increase capital inflow.
It added:
“With USDT, a widely recognized and trusted stablecoin, more users can easily participate in DeFi activities on Aptos including vibrantx.finance. As a leading stablecoin, USDT can also bridge the gap between Aptos and other blockchains, expanding DeFi possibilities.”
According to DeFillama data, Aptos is the fourteenth largest DeFi network, with $730 million in total value of assets locked.
The news is notable, considering Tether recently removed native support for EOS and Alogrand earlier this year amid a shift in focus towards “enhancing community-driven blockchain support.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Aptos
$10.1695
Aptos is an FTX-backed layer-1 blockchain which was developed by ex-Meta employees.
Ethereum
$3,464.43
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$195.239
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Celo
$0.68860
Celo describes itself as an open platform that makes financial tools accessible to anyone with a mobile phone.
Avalanche
$39.7893
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.