Tether expands USDT to Aptos blockchain for lower fees
Tether’s USDT is currently live on the Aptos blockchain, with the goal of making digital currency more accessible with ultra-low fees. Tether Operations Limited (Tether), a digital asset firm, has released USDT $1.00 on the Aptos blockchain to reduce transaction fees.
According to a press release shared with Cointelegraph, the move is part of Tether’s efforts to expand digital currency accessibility and use around the world.
Tether intends to exploit the Aptos blockchain’s scale and speed to provide consumers with “extremely low petrol fees, costing only a fraction of a penny.” Transaction fees will become “economically viable” for a broader range of use cases, including “microtransactions large-scale enterprise operations.”
Aptos blockchain growth
According to the press statement, Aptos has grown significantly over the past year, with average daily active users (DAU) increasing 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, stated that Aptos’ technology would allow for “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.”
Nansen partners with Aptos
On July 17, Nansen, a blockchain analytics provider, announced a partnership with Aptos to offer on-chain analytics and data to the blockchain ecosystem.
The partnership sought to help the Aptos ecosystem flourish by providing users and investors with the analytical tools they need to spot ongoing trends. Nansen’s CEO, Alex Svanevik, indicated that the alliance would give crypto teams with tools to “delve deeper into the Aptos ecosystem.”
Tether vs. Celsius $3.5 billion lawsuit
Celsius, a bankrupt cryptocurrency exchange, sued Tether on August 10, alleging asset misappropriation. The lawsuit claimed $3.5 billion in Bitcoin, $58,602 in returns, damages, and legal fees, claiming that Tether borrowed the bankrupt exchange a certain amount of USDT.
In consideration for the loan during Celsius’ bankruptcy proceedings, the company gave Tether 39,543.42 BTC as collateral. Celsius says that Tether liquidated the BTC at a price that almost perfectly matched the loan, without requiring extra collateral.
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