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Tether Operations Limited has announced plans to launch its U.S. dollar-pegged stablecoin, USD₮, on the Aptos Network. The integration aims to leverage Aptos' blockchain technology to enhance USD₮'s accessibility and utility.
Aptos, known for its focus on speed and scalability, has seen growth in its ecosystem. The network reported an increase in average daily active users from 96,000 in January to 170,000 in July 2024. In May 2024, it processed 157 million transactions in a single day.
The integration is expected to offer low transaction fees for USD₮ on the Aptos blockchain, potentially broadening its use cases.
Paolo Ardoino, CEO of Tether, commented: "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. 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."
Mo Shaikh, CEO of Aptos Labs, which provided technical expertise for the integration, commented: "The integration of Tether's USD₮ marks a significant milestone for Aptos. 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."
Bashar Lazaar, Head of Grants & Ecosystem at Aptos Foundation, added: "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. The launch of USD₮ on Aptos accelerates the availability and utility of real-world value for institutions, Web3 builders, and regular people worldwide."
