Tether announced plans to deploy the USDT stablecoin on the Aptos network. The APT price rose 3% to a high of $6.
Tether, the issuer of the stablecoin USDT, announced on Monday its plans to introduce the U.S. dollar-pegged USDT on the Aptos Network.
This move leverages Aptos’ cutting-edge blockchain technology, noted for its speed and scalability, as part of Tether’s broader strategy to enhance global accessibility and utility of digital currency.
Tether to Expand USDT Support on Aptos
On August 19, Tether Operations Ltd officially revealed its intention to extend USDT support to the Aptos blockchain.
This decision follows significant growth within the Aptos ecosystem, with average daily active users rising from 96,000 in January to 170,000 in July.
Integrating USDT into the Aptos blockchain will allow Tether to utilize Aptos’ advanced blockchain infrastructure, offering exceptional speed and scalability.
Additionally, the integration will provide the benefit of very low gas fees, significantly lowering transaction costs.
Paolo Ardoino, CEO of Tether, highlighted the partnership’s benefits, stating,
“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.”
Mo Shaikh, CEO of Aptos Labs, echoed this sentiment, adding, “This collaboration will leverage Aptos’ capability to process massive volumes and rapidly grow its user base.”
Previously, Tether’s integration with the Ton Network proved successful for both companies, leading to increased USDT minting, driven by new projects on the Ton blockchain.
According to Tether’s transparency data, $730 million worth of USDT has been minted on the Ton Network to date.
APT Price Soars by 3%
Following the announcement, the price of APT rose by 3%, reaching a high of $6 before encountering resistance at that psychological level.
Currently, APT is trading at $5.93, with a 24-hour low of $5.74 and a high of $6.03.
Additionally, trading volume has surged by 51% in the last 24 hours, signaling increased interest from traders.
DefiLIama data shows that the total value locked (TVL) on Aptos has nearly reached $400 million.
Recent analysis suggests that APT could potentially reach $10 if it successfully breaks through the $6 resistance level.
Meanwhile, traders are speculating whether APT will experience similar price movement to Toncoin following Tether’s announcement of integration.
