Tether will launch USDT on Aptos Network with low gas fees
The creator of stablecoins, Tether, has disclosed its intention to debut a dollar-linked Tether token (USDT) on the Aptos Network.
By leveraging the Aptos ecosystem, Tether’s initiative aims to enhance the utility and global reach of digital currencies.
The Aptos blockchain will accommodate USDT, introducing exceptionally low transaction fees that are merely a fraction of a cent. This significant reduction in costs will facilitate a range of transactions, from small-scale payments to massive corporate dealings, more economically viable.
The collaboration between Tether and Aptos seeks to draw a wide variety of users from different financial strata.
Bashar Lazaar, the Aptos Foundation’s Head of Grants and Ecosystem, spotlighted the network’s goal to establish a robust, worldwide DeFi and payments ecosystem, focusing on swiftness, decentralization, and interoperability. He pointed out the deployment of Move, a programming language unique to Aptos, as crucial to achieving these objectives.
Lazaar is of the view that issuing USDT on Aptos is an important development, enhancing the accessibility and application of tangible value for institutions, Web3 developers, and everyday consumers across the planet.
This week, Tether's USDT hit a market cap of $115 billion, securing its position as the third-largest cryptocurrency and the predominant stablecoin, holding nearly 70% market share, as per rwa.xyz's figures.
Earlier in the month, Tether also unveiled plans to double its workforce by the middle of 2025, aiming to enhance compliance and other critical functions. The company anticipates expanding its team to about 200 members and will also grow its finance department, which oversees the management of USDT's $118 billion in reserve assets.
