Tether has launched its United States dollar-pegged token, USDT, on the Aptos blockchain to lower transaction costs.
According to a press release shared with Cointelegraph, the move is part of Tether’s plans to improve digital currency accessibility and its use globally.
By integrating Tether (USDT) on Aptos, Tether aims to utilize Aptos blockchain’s scalability and speed to provide users with “extremely low gas fees, costing only a fraction of a penny.”
Through the new integration, transaction fees will become “economically viable” for wider use cases, including “microtransactions [and] large-scale enterprise operations.”
Related: Celsius sues Tether, seeking $3.5B over Bitcoin collateral sell-off
Aptos blockchain growth
The press release states that Aptos has witnessed substantial growth throughout the year, noting a rise in average daily active users (DAU) 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.”
Paolo Ardoino, CEO of Tether, explained that Aptos’ technology would facilitate “faster and more cost-effective transactions” with USDT:
“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.”
Related: Tether crypto exchanges balance hits record high as Treasury prints $1B USDT
Nansen partners with Aptos
On July 17, Nansen, a blockchain analytics provider, partnered with Aptos to bring its onchain analytics and data to the blockchain’s ecosystem.
The partnership aimed to help the Aptos ecosystem grow by empowering users and investors with the analytical tools required to help identify ongoing trends.
Alex Svanevik, CEO of Nansen, explained that the partnership would provide crypto teams with tools needed to “delve deeper into the Aptos ecosystem.”
Related: Yield-bearing Treasury-backed stablecoin USDY launches on Aptos
Tether vs. Celsius $3.5 billion lawsuit
On Aug. 10, defunct cryptocurrency exchange Celsius filed a lawsuit against Tether, claiming the digital assets company had misappropriated assets.
The lawsuit sought $3.5 billion in Bitcoin (BTC) returns, damages and legal fees, alleging that Tether loaned the defunct exchange a specific amount of USDT.
In exchange for the loan during Celsius’ bankruptcy proceedings, Celsius sent Tether 39,543.42 BTC to be used as collateral.
Celsius claims that Tether liquidated the BTC at a price that almost exactly covered the debt without allowing it to provide additional collateral.
Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining