Tether expands USDT to Aptos blockchain for lower fees

Tether has officially launched its US dollar-pegged stablecoin, USDT, on the Aptos blockchain, with the goal of reducing transaction costs and enhancing global digital currency usage. According to a press release shared with Cointelegraph, this integration aims to make digital currencies more accessible worldwide by leveraging Aptos' scalability and speed, resulting in "extremely low gas fees," which are only a fraction of a penny.
This new integration is expected to make transaction fees more affordable, thereby broadening the scope of use cases, such as microtransactions and large-scale enterprise operations.

Aptos blockchain growth

The Aptos blockchain has shown remarkable growth over the year, with average daily active users (DAU) increasing from 96,000 in January to 170,000 in July. In May 2024, Aptos achieved a milestone by processing a record-breaking 157 million transactions in a single day.

Tether's CEO, Paolo Ardoino, expressed enthusiasm about the integration, noting that Aptos' technology would enable faster and more cost-effective transactions with USDT. Tether is eager to collaborate with the Aptos ecosystem, reinforcing its commitment to making digital currencies more functional and accessible.

Nansen partners with Aptos

In a related development, on July 17, Nansen, a blockchain analytics provider, partnered with Aptos to bring its on-chain analytics and data to the Aptos ecosystem. This partnership is designed to support the ecosystem's growth by equipping users and investors with analytical tools to identify ongoing trends. Alex Svanevik, CEO of Nansen, highlighted that the collaboration would provide crypto teams with the necessary tools to explore the Aptos ecosystem in greater depth

Tether vs. Celsius $3.5 billion lawsuit

On another note, Tether is currently involved in a $3.5 billion lawsuit filed by the defunct cryptocurrency exchange Celsius on August 10. The lawsuit alleges that Tether misappropriated assets and seeks returns, damages, and legal fees in Bitcoin. During Celsius' bankruptcy proceedings, Tether allegedly received 39,543.42 BTC as collateral in exchange for a USDT loan. Celsius claims that Tether liquidated the BTC at a price that covered the debt, without allowing Celsius to provide additional collateral.

Source >> https://cointelegraph.com/news/tether-launches-usdt-aptos-blockchain-lowering-transaction-costs