Tether Brings USDT to Aptos Blockchain for Lower Fees

With meagre costs, Tether’s USDT is now available on the Aptos blockchain to improve the use of digital currencies.

Tether launched USDT, a dollar-pegged token based on the US dollar, on the Aptos blockchain to cut transaction costs.

The action is a part of Tether’s plans to increase the accessibility and usage of digital currency worldwide, per a press release.

Through the integration of Tether USDT$1.00 on Aptos, Tether hopes to leverage the speed and scalability of the Aptos blockchain to provide consumers with “meagre gas fees, costing only a fraction of a penny.”

Transaction fees will become “economically viable” for a more extensive range of use cases, such as “microtransactions [and] large-scale enterprise operations,” thanks to the enhanced integration.

Growth of Aptos Blockchain

According to the news statement, Aptos has experienced significant growth all year long, with average daily active users (DAU) rising from 96,000 in January to 170,000 in July:

“[…] a record-breaking 157 million transactions were processed in a single day in May 2024.”

Aptos’ technology would enable “faster and more cost-effective transactions” with USDT, according to Tether CEO Paolo Ardoino:

“The team at Tether is excited to integrate and collaborate with the Aptos ecosystem, enhancing our commitment to making digital currencies more accessible and functional.”

Nansen and Aptos collaborate.

To integrate its onchain analytics and data into the blockchain’s ecosystem, blockchain analytics companies Nansen and Aptos teamed up on July 17.

Through the cooperation, investors and users will have access to the analytical tools necessary to spot emerging trends, which will contribute to the growth of the Aptos ecosystem.

According to Nansen CEO Alex Svanevik, the collaboration will give cryptocurrency teams the resources they need to “delve deeper into the Aptos ecosystem.”

Celsius v. Tether: A $3.5 billion legal battle

Claiming that Tether had misused assets, the now-defunct cryptocurrency exchange Celsius filed a lawsuit against the digital assets company on August 10.

The lawsuit claimed that Tether had borrowed the bankrupt exchange a particular amount of USDT and demanded $3.5 billion in Bitcoin refunds, damages, and legal fees.

Celsius handed Tether 39,543.42 BTC during its bankruptcy proceedings as security in exchange for a loan.

Without requiring more security, Celsius asserts that Tether liquidated the Bitcoin at a price that nearly exactly paid off the loan.