Tether, the issuer of the largest stablecoin USDT, has made a huge announcement that will make transactions dirt cheap and super efficient. Ready to learn how Tether is going to do it? Let’s dive in.
Tether’s Big Move to Aptos
On August 19, Tether announced that they are bringing their stablecoin, USDT, to the Aptos blockchain. This is not just a random update, but a strategic partnership.
Aptos is known for its speed and scalability, which means that gas fees are super low. Imagine making transactions for just a fraction of a cent! Tether CEO Paolo Ardoino couldn’t hide his excitement, saying that Aptos’ technology will make transactions faster and more cost-effective.
The numbers behind the move
Why would Tether choose Aptos? Well, Aptos has been on fire this year. Daily active users jumped from 66,560 in January to a whopping 346,883 in June.
Furthermore, on August 15, the network processed 326 million transactions in a single day, reaching over 12,000 transactions per second at peak times. These numbers show that Aptos can handle massive volumes like a champion.
DeFillama data shows that the majority of Tether’s $116 billion supply is on TRON and Ethereum, which hold 88% of the total. Moving to Aptos could help spread this out and increase liquidity across networks.
Nansen collaborates with Aptos
Adding fuel to the fire, Nansen, a top blockchain analytics provider, partnered with the Aptos Foundation in July. The partnership is all about providing Aptos with the best on-chain data and analytics. Aptos Foundation’s Bashar Lazaar said this will help builders, projects, and protocols get the most out of on-chain data.
A broader perspective
Tether is shifting its focus to “improving community-driven blockchain support.” They recently dropped support for EOS and Algorand. Bringing USDT to Aptos shows Tether’s commitment to innovation and making digital currencies more user-friendly.
Now that USDT is live on Aptos, things seem to be looking up for both parties. This partnership could very well be a game-changer in the digital currency space, setting a new benchmark for transaction fees and efficiency.
Also read: 75% of Bitcoin Locked: Is the $100,000 Surge Just Around the Corner?
