Expanding its footprint, Tether is set to launch U.S. dollar-pegged Tether tokens [USDT] on the Aptos Network. This integration is part of the stablecoin issuer’s broader strategy to make digital currency more accessible around the globe while leveraging Aptos’ highly scalable and advanced blockchain technology.
As per the blog post, the integration of USDT on the Aptos blockchain taps into these dynamic capabilities, enhancing the platform’s appeal with Tether’s established stability and reliability. The Aptos network supports a robust developer community, evidenced by a steady increase in deployed contracts, indicative of active and ongoing development.
USDT’s integration on the Aptos blockchain will also bring the advantage of extremely low gas fees, costing only a fraction of a penny. This feature will significantly reduce the cost of transactions, making it economically viable for a broader range of use cases, from microtransactions to large-scale enterprise operations.
The strategic collaboration between Tether and Aptos leverages these transformative features to enhance the utility and accessibility of USD₮, making it more appealing to users across various economic backgrounds.
Earlier, Tether’s USDT leveraged the TON network to revolutionize the use of cryptocurrencies as a means of payment, offering users a seamless and convenient way to transact. Over $200 million worth of USD₮ has since been issued on TON’s blockchain. Following this successful integration, the network has processed nearly $10 billion in total transfer volume, surging by an impressive 124% month-over-month from June. Currently, the supply of Tether’s $USDT on the ton blockchain is at roughly $730 million.
Tether Reports Record Profits
Overall, Tether has driven the stablecoin market to its highest levels in two years. According to a recent report by Intotheblock, the stablecoin sector has recorded unprecedented growth, largely led by USDT’s performance.
The firm behind USDT, announced a remarkable profit of $5.2 billion in the initial half of 2024, emphasizing the coin’s impressive growth pattern. Despite the market’s overall dip, USDT has continuously maintained its resilience, even reaching new peaks in July, showcasing its strength and steady upward trend.