Tether to Launch USDT on Aptos Network Amid Rapid Ecosystem Growth
Tether, the leading stablecoin issuer, announced on Monday its plans to introduce its U.S. dollar-pegged USDT on the Aptos Network. This strategic move is aimed at leveraging Aptos’ cutting-edge blockchain technology, known for its exceptional speed and scalability, to further the global adoption and utility of digital currencies.
Expansion of USDT Support to Aptos Network
On August 19, Tether Operations Ltd officially confirmed its intention to expand USDT support to the Aptos blockchain. The decision follows a period of significant growth within the Aptos ecosystem, where the average number of daily active users surged from 96,000 in January to 170,000 by July.
The integration of USDT on Aptos is expected to capitalize on the network’s advanced infrastructure, offering unmatched speed and scalability. Additionally, the implementation is anticipated to benefit users by significantly lowering gas fees, thus reducing transaction costs.
Paolo Ardoino, CEO of Tether, highlighted the importance of this collaboration, stating, “Aptos’ innovative technology provides a robust platform for facilitating faster and more cost-effective transactions with USD₮. This partnership reflects our commitment to innovation and our mission to provide stable, reliable financial tools to our users.”
Mo Shaikh, CEO of Aptos Labs, echoed this sentiment, noting, “This collaboration will harness Aptos’ capacity to handle massive volumes while rapidly expanding its user base.”
The recent integration of USDT on the Ton Network proved successful for both companies, leading to a substantial increase in USDT minting driven by new projects on the Ton blockchain. According to Tether’s transparency data, approximately $730 million worth of USDT has been minted on Ton to date.
APT Price Sees a 3% Increase
In response to the announcement, the price of APT surged by 3%, reaching a peak of $6 before encountering resistance. Currently, APT is trading at $5.93, with a 24-hour low of $5.74 and a high of $6.03. The trading volume also saw a significant 51% increase over the last 24 hours, signaling heightened interest from traders.
Data from DefiLlama indicates that the total value locked (TVL) on the Aptos network has nearly reached $400 million. Recent price analysis suggests that if APT can break through the $6 resistance level, it could potentially reach $10. Meanwhile, traders are speculating whether APT will experience a price movement similar to Toncoin following Tether’s integration announcement.
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