Last updated on November 11th, 2024 at 11:07 am
Tether Operations Limited, a major player in the digital assets industry, announced the forthcoming launch of its U.S. dollar-pegged Tether tokens (USDT) on the Aptos Network. This action will help increase the usage of digital currencies globally due to Aptos’s blockchain technology speed and scalability.
The Aptos network is known for its speed and efficiency as a layer-one blockchain solution. It recently witnessed an increase in daily active users from 96,000 in January to as much as 170,000 users in July 2024. Also, In May 2024, the network comfortably handled 157 million transactions in a single day, showcasing its capacity.
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Enhanced Stability and Reduced Transaction Costs
By integrating USDT on the Aptos blockchain, Tether leverages advanced capabilities, enhancing the platform with its proven stability and reliability. The partnership notably reduces transaction fees to just a fraction of a penny, making it highly cost-effective. Such cost efficiency facilitates a broad spectrum of transactions, from small-scale to significant enterprise activities, all at a lower cost.
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However, the integration elicited a positive reception from Paolo Ardoino, CEO of Tether. He stressed that the solution offered by Aptos is built on cutting-edge technology, and its use will allow for more efficiency.
Mo Shaikh, CEO of Aptos Labs, highlighted that the collaboration boosts Aptos’ ability to scale and sustain user growth. He believes this will further create room for more innovation and development in the Aptos ecosystem.
Bashar Lazaar from the Aptos Foundation highlighted the strategic importance of the launch. He said that integration of USDT in the Aptos network equally unlocks more adoption from global institutions, Web3 developers, and the public as a whole.
It also holds the potential to eventually reduce the bilateral transaction costs while seeking to enhance the usability of digital currencies in different industries. These two companies are aiming high by making digital transactions cheaper and more convenient through the use of blockchain technology.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.