Tether has introduced USDT on the Aptos blockchain, aiming to reduce transaction costs significantly.
Tether has introduced USDT on the Aptos blockchain, aiming to reduce transaction costs significantly. This move aligns with Tether's goal to enhance global accessibility and use of digital currencies.
By leveraging Aptos’ scalability and speed, Tether promises users extremely low gas fees, costing just a fraction of a penny. This integration aims to make transaction fees economically viable for a wide range of applications, from microtransactions to large-scale enterprise operations.
Aptos has seen significant growth, with average daily active users rising from 96,000 in January to 170,000 in July. In May 2024, it processed a record-breaking 157 million transactions in a single day. Paolo Ardoino, CEO of Tether, noted that Aptos’ technology would enable faster and more cost-effective transactions with USDT, enhancing digital currency functionality.
Meanwhile, Tether is facing a $3.5 billion lawsuit from the now-defunct cryptocurrency exchange Celsius. The lawsuit alleges that Tether misappropriated assets, seeking returns, damages, and legal fees related to Bitcoin transactions. Celsius claims Tether liquidated BTC collateral during bankruptcy proceedings, covering the debt without allowing Celsius to provide additional collateral.
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