August 19, 2024 — Tether Operations Limited (Tether), the largest digital asset industry leader, today announced the upcoming launch of the U.S. dollar-pegged Tether token (“USD₮”) on the Aptos Network. This integration is part of Tether’s broader strategy to leverage Aptos’ advanced blockchain technology and unparalleled speed and scalability to make digital currencies more accessible and convenient around the world.
Aptos is known for its blockchain infrastructure designed for unparalleled speed and scalability. Recent data reveals significant growth in the ecosystem. Average daily active users increased from 96,000 in January 2024 to 170,000 in July 2024. Additionally, a record 157 million transactions were processed in a single day in May 2024.
The integration of USD₮ into the Aptos blockchain leverages these dynamic capabilities and strengthens the platform’s appeal with Tether’s established stability and reliability. The Aptos network supports a robust developer community. This is evidenced by the steady increase in deployed contracts, indicating active and continuous development.
The integration of USD₮ into the Aptos blockchain also gives you the benefit of extremely low gas fees, only a penny. This feature significantly reduces the cost of transactions, making them economically viable for a wider range of use cases, from microtransactions to large-scale enterprise operations. The strategic partnership between Tether and Aptos leverages these innovative features to enhance the utility and accessibility of USD₮, making it more attractive to users from a variety of economic backgrounds.
“The Tether team is excited to integrate and work with the Aptos ecosystem to strengthen our efforts to make digital currencies more accessible and functional,” said Paolo Ardoino, CEO of Tether. he said. “Aptos’ innovative technology provides a solid platform to facilitate faster and more cost-effective transactions with USD₮. This partnership will lead with innovation and provide stable and reliable financial tools. It underlines our continued commitment to supporting our users.”
“Tether’s USD₮ integration is a significant milestone for Aptos,” said Mo Shaikh, CEO of Aptos Labs, which helped provide technical expertise to support the integration. “This collaboration leverages Aptos’ ability to handle high volumes and rapidly grow its user base. As a member of the Aptos community, I am excited to see builders across Aptos’ huge ecosystem combine their strengths with Tether , we look forward to seeing Move on Aptos push the boundaries of what blockchain technology can achieve for users around the world.”
“We are building a strong, global, institutional-grade DeFi and payments ecosystem, with a focus on speed, decentralization, and interoperability, and leveraging Move on Aptos to make it all work.” said Bashar Lazar, Head of Grants and Ecosystems at Aptos Foundation. . “The launch of USD₮ on Aptos accelerates the availability and usefulness of real-world value for institutions, Web3 builders, and the general public around the world.”
For more information, see Tether and Aptos.
Important notes
This press release is not an offer to sell or a solicitation of an offer to buy USD₮. Tether Limited and Tether International Limited will sell or redeem USD₮ only in accordance with the Terms and Conditions available (as of the date of this press release) at https://tether.to/en/legal.
