As a seasoned analyst with years of experience in the cryptocurrency market, I find the collaboration between Tether and Aptos to be a strategic move that could significantly impact the adoption and utility of USDT across various economic backgrounds.
Tether, a company that manages stablecoins, is growing its collection of blockchains by making the USDT stablecoin available on the Aptos network.
On August 19th, Tether Inc., the company with the largest market value of stablecoins, announced that its US Dollar-backed stablecoin (USDT) is going to be accessible on Aptos, a blockchain platform designed by ex-employees of Facebook.
Without providing an specific launch date, Tether emphasized Aptos’ thriving developer community as a crucial element in their decision, pointing out the network’s consistent growth in active contracts, which suggests continuous development activity. This announcement led to a nearly 3% surge in Aptos’ price, reaching approximately $6 according to crypto.news data.
Beyond focusing on development tasks, Tether explains that their decision to incorporate Aptos was primarily influenced by its “remarkably affordable transaction fees,” stating that the network caters to a wider array of applications, ranging from small-scale transactions like micropayments to large-scale business operations, due to its economic feasibility.
“Tether and Aptos are joining forces to utilize innovative elements that boost the usefulness and ease of use for Tether (USDT), making it increasingly attractive to individuals from diverse financial standings.”
Tether
In simpler terms, the CEO of Aptos Labs, Mo Shaikh, expressed that the partnership will enable the network to handle large amounts of data while also expanding its user community significantly.
As a resident of Aptos, I’m excited about the prospect of builders from various parts of the Aptos network collaborating with Tether. By using the Move programming language on Aptos, they have the potential to explore and expand the capabilities of blockchain technology, delivering innovative solutions for users worldwide.
Mo Shaikh
TRON and Ethereum, with approximately $60.8 billion and $52.9 billion in liquidity each, according to data from Tether.
As competition becomes more fierce, Tether is trimming down its support for certain networks. In the middle of June, they declared that they would no longer back several stablecoins on platforms such as Omni, Kusama, SLP, EOS, and Algorand, starting from September 2025. This decision was made in order to maintain a balance between maintainability, usage, and community interest.
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2024-08-19 12:04