Altcoin

Tether To Launch USDT On Aptos, APT Price Soars 3%

Published

4 months ago

August 19, 2024

Stablecoin issuer Tether on Monday said it plans to launch the U.S. dollar-pegged USDT on the Aptos Network. The company is capitalizing on Aptos’ advanced blockchain technology and superior speed and scalability as part of the broader strategy to make digital currency more accessible and useful globally.

Tether To Expand USDT Support On Aptos

In an official announcement on August 19, Tether Operations Ltd disclosed plans to expand USDT support to the Aptos blockchain. The move comes after significant Aptos ecosystem growth recently and average daily active users increased from 96K in January to 170K in July.

The integration of USDT on the Aptos blockchain will help tap into the advanced blockchain infrastructure and unparalleled speed and scalability. In addition, the integration will bring the advantage of extremely low gas fees, which will significantly reduce the cost of transactions.

Paolo Ardoino, CEO of Tether, on integration and collaboration with the Aptos ecosystem said:

“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.”

“This collaboration will leverage Aptos’ capability to process massive volumes and rapidly grow its user base,” said Mo Shaikh, CEO of Aptos Labs.

Tether integration on Ton Network was successful for both companies, which saw an increase in Tether minting driven by new projects on Ton blockchain. According to Tether’s transparency data, $730 million worth USDT are minted on Ton yet.

APT Price Soared 3%

APT price jumped 3% to hit a high of $6, but faced rejection at the psychological level. The price is currently trading at $5.93, with a 24-hour low and high of $5.74 and $6.03, respectively. Furthermore, the trading volume has increased by 51% in the last 24 hours, indicating a rise in interest among traders.

According to DefiLIama data, total value locked (TVL) of Aptos reached nearly $400 million. A recent APT price analysis also showed that APT price can even hit $10 if it confirms a breakout about the $6 resistance level.