19 August, 2024—Tether Operations Limited (Tether), the largest company in the digital assets industry, today announced that they will soon be launching U.S. dollar-pegged Tether tokens (“USD₮”) on the Aptos Network. This integration is part of Tether’s broader strategy to make digital currency more accessible and useful globally, capitalizing on Aptos’ advanced blockchain technology and exceptional speed and scalability.
Aptos is recognized for its blockchain infrastructure, designed for unparalleled speed and scalability. Recent data highlights significant ecosystem growth; average daily active users increased from 96K in January to 170K in July of 2024. Additionally, a record-breaking 157 million transactions were processed in a single day in May 2024.
The integration of USD₮ on the Aptos blockchain taps into these dynamic capabilities, enhancing the platform’s appeal with Tether’s established stability and reliability. The Aptos network supports a robust developer community, evidenced by a steady increase in deployed contracts, indicative of active and ongoing development.
USD₮’s integration on the Aptos blockchain will also bring the advantage of extremely low gas fees, costing only a fraction of a penny. This feature will significantly reduce the cost of transactions, making it economically viable for a broader range of use cases, from microtransactions to large-scale enterprise operations. The strategic collaboration between Tether and Aptos leverages these transformative features to enhance the utility and accessibility of USD₮, making it more appealing to users across various economic backgrounds.
“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,” said Paolo Ardoino, CEO of Tether. “Aptos’ innovative technology offers a solid platform for facilitating faster and more cost-effective transactions with USD₮. This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools.”
“The integration of Tether’s USD₮ marks a significant milestone for Aptos,” said Mo Shaikh, CEO of Aptos Labs, which helped provide technical expertise to aid the integration. “This collaboration will leverage Aptos’ capability to process massive volumes and rapidly grow its user base. As a member of the Aptos community, I’m looking forward to seeing builders across Aptos’ hefty ecosystem combine strengths with Tether and leverage Move on Aptos to push the boundaries of what blockchain technology can achieve for users globally.”
“We’re building a strong, global, and institution-grade DeFi and payments ecosystem that values speed, decentralization, and interoperability while leveraging Move on Aptos to make it all work,” said Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation. “The launch of USD₮ on Aptos accelerates the availability and utility of real-world value for institutions, Web3 builders, and regular people worldwide.”
For more information, visit Tether and Aptos.
Important Note
This press release is not an offer to sell or the solicitation of an offer to buy USD₮. Tether Limited and Tether International Limited will only sell or redeem USD₮ pursuant to the terms of service available (as of the date of this press release) at https://tether.to/en/legal.
