Stablecoin issuer, Tether has revealed plans to launch US dollar-pegged Tether tokens (USDT) on Aptos Network.
This move aligns with Tether’s broader strategy to make digital currency more accessible and useful across the world by capitalizing on Aptos’ ecosystem, according to the official press release shared with CryptoPotato.
USDT Set to Debut on Aptos
The integration of USDT on the Aptos blockchain is expected to bring in extremely low gas fees, costing only a fraction of a penny. In addition to drastically lowering transaction costs, this will make it economically feasible for various applications, from microtransactions to large-scale enterprise operations.
The end goal of this strategic partnership between Tether and Aptos is to attract users from diverse economic backgrounds.
Commenting on the matter, Tether CEO Paolo Ardoino said,
“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. Aptos’ innovative technology offers a solid platform for facilitating faster and more cost-effective transactions with USDT. This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools.”
Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation also emphasized the network’s intention to create a strong, global DeFi and payments ecosystem that prioritizes speed, decentralization, and interoperability. He highlighted the use of Move, a programming language on Aptos, as a key factor in realizing this vision.
As such, Lazaar believes that the launch of USDT on Aptos marks a significant milestone, accelerating the availability and utility of real-world value for institutions, Web3 developers, and everyday users globally.
Tether Expansion
This week, Tether’s USDT reached a market capitalization of $115 billion, solidifying its position as the third-largest crypto asset and the leading stablecoin with nearly 70% market share, according to data compiled by rwa.xyz.
On the expansion side of things, Ardoino has focused on investing in Tether’s growing profits, since becoming CEO in December 2023. A portion of the funds has been directed to strengthen the USDT reserve, with the remaining funds being channeled into Tether Evo, the company’s venture investment branch.
This division has already made notable investments, such as acquiring a controlling interest in neural implant technology company Blackrock Neurotech and backing Northern Data Group, a data center operator that supports AI model training.
Earlier this month, Tether also announced its plans to double its workforce by mid-2025, aiming to boost compliance and other key areas. The company expects to grow its team to around 200 employees and will also expand its finance department managing USDT’s $118 billion in backing assets.
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