The firm behind the largest US dollar-pegged stablecoin by market cap will soon be launching on another layer-1 blockchain.
According to a new announcement from Tether, USDT will soon be available on Aptos (APT), a high-speed Ethereum (ETH) rival blockchain built for scalability.
“Tether, the largest company in the digital assets industry, today announced that they will soon be launching U.S. dollar-pegged Tether tokens (‘USDT’) on the Aptos Network. This integration is part of Tether’s broader strategy to make digital currency more accessible and useful globally, capitalizing on Aptos’ advanced blockchain technology and exceptional speed and scalability…
Recent data highlights significant ecosystem growth; average daily active users increased from 96K in January to 170K in July of 2024. Additionally, a record-breaking 157 million transactions were processed in a single day in May 2024.”
Aptos utilizes a Proof-of-Stake (PoS) consensus mechanism, in which validators stake their APT tokens to secure the network. The blockchain processes transactions in parallel, aiming to enhance efficiency and speed.
According to the announcement, USDT gas fees on Aptos will cost less than a penny.
Says Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation, of the new partnership:
“We’re building a strong, global, and institution-grade DeFi and payments ecosystem that values speed, decentralization, and interoperability while leveraging Move on Aptos to make it all work.
The launch of USDT on Aptos accelerates the availability and utility of real-world value for institutions, Web3 builders, and regular people worldwide.”
Generated Image: Midjourney