Tether has recently unveiled its USD-pegged stablecoin, USDT, on the Aptos blockchain, a strategic move aimed at slashing transaction costs and broadening the global reach of digital currencies.

In a press release shared with Cointelegraph, Tether emphasized that this integration is a significant step towards making digital currency more accessible and usable across diverse applications. By leveraging the Aptos blockchain’s advanced scalability and rapid processing capabilities, Tether intends to offer users exceptionally low transaction fees—reportedly costing mere fractions of a penny.

This new deployment on the Aptos network is expected to render transaction costs “economically viable” for a wide range of scenarios, from microtransactions to large-scale enterprise operations, thereby enhancing the practical utility of USDT in the digital economy.

Aptos Blockchain’s Rapid Expansion

The Aptos blockchain has experienced notable growth over the past year. According to the press release, the platform saw a dramatic increase in daily active users (DAU), rising from 96,000 in January to 170,000 by July. Additionally, the network achieved a milestone in May 2024, processing a staggering 157 million transactions in a single day—a record for the blockchain.

Paolo Ardoino, CEO of Tether, expressed enthusiasm for the integration, stating that Aptos’ technology would enable “faster and more cost-effective transactions” for USDT users. He highlighted the collaboration with the Aptos ecosystem as a critical element in Tether’s mission to enhance the accessibility and functionality of digital currencies.

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Strategic Partnerships Bolstering Aptos

On July 17, blockchain analytics provider Nansen announced a partnership with Aptos, aimed at integrating Nansen’s on-chain analytics and data tools into the Aptos ecosystem. This collaboration is designed to support the growth of Aptos by equipping users and investors with the analytical resources needed to identify emerging trends within the blockchain.

Nansen CEO Alex Svanevik remarked that the partnership would empower crypto teams to “delve deeper into the Aptos ecosystem,” thereby facilitating more informed decision-making and fostering further innovation within the network.

Legal Battle: Tether vs. Celsius

In a related development, Tether is currently embroiled in a legal dispute with the now-defunct cryptocurrency exchange Celsius. On August 10, Celsius filed a lawsuit against Tether, accusing the digital assets company of misappropriating assets and seeking $3.5 billion in Bitcoin (BTC) returns, damages, and legal fees.

The lawsuit alleges that Tether provided Celsius with a loan in USDT during the latter’s bankruptcy proceedings, secured by 39,543.42 BTC as collateral. Celsius contends that Tether liquidated the Bitcoin collateral at a price that just covered the debt, without offering Celsius the opportunity to provide additional collateral, a move that has sparked the current legal conflict.

This ongoing legal saga underscores the complexities and challenges faced by major players in the rapidly evolving cryptocurrency landscape, as they navigate the intricacies of blockchain technology and digital asset management.