Ethereum

Reserve Dollar

Celsius

Aptos

Bitcoin

Tether has expanded its dollar-pegged stablecoin, USDT, by launching it on the Aptos blockchain to reduce transaction costs and enhance the overall accessibility of digital currencies. According to a press release shared with <a href="https://cointelegraph.com/news/tether-launches-usdt-aptos-blockchain-lowering-transaction-costs" rel="nofollow noopener" target="_blank">Cointelegraph</a>, this strategic move aligns with Tether’s goals to make digital assets more usable worldwide. 
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At the moment, through the integration of USDT into the Aptos platform, Tether will leverage the capabilities of the Aptos blockchain that will enable users to perform transactions with extremely low gas fees that could go for as low as a fraction of a penny. This integration will have the essential function of making transaction fees to become an ‘economically feasible’&nbsp; offering for a complete spectrum of use cases, from microtransactions to extensive enterprise operations.&nbsp; 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-41074 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/DALL·E-2024-08-19-20.09.31-A-futuristic-landscape-illustrating-the-integration-of-Tethers-USDT-into-the-Aptos-blockchain.-The-scene-shows-a-seamless-digital-highway-connecting-.webp" alt="Tether Launches USDT on Aptos Blockchain to Reduce Transaction Fees" width="1792" height="1024" title="Tether Launches USDT on Aptos Blockchain to Reduce Transaction Fees 45"> 
<h2 id="b-growth-of-the-aptos-blockchain-b">Growth of the Aptos Blockchain</h2> 
The Aptos blockchain has expanded over the years and is currently progressing at a faster pace. The average daily active unique users (DAU) rose from 96,000 in January to 170,000 in July. Aptos achieved its record in activity rates in May 2024, as the company registered 157 million transactions in a day. Paolo Ardoino, the chief executive officer of Tether, embraced this technological combination, and he said that the partnership with Revue would enhance “faster and more efficient transactions” involving USDT. According to Ardoino, this partnership will enable Tether to make digital currencies more accessible and effective. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-41076 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/DALL·E-2024-08-19-20.09.27-A-futuristic-landscape-illustrating-Tethers-launch-of-USDT-on-the-Aptos-blockchain.-The-scene-features-a-high-tech-digital-city-where-blockchain-path.webp" alt="Tether Launches USDT on Aptos Blockchain to Reduce Transaction Fees" width="1792" height="1024" title="Tether Launches USDT on Aptos Blockchain to Reduce Transaction Fees 46"> 
Moreover, Aptos also signed a deal with Nansen, a blockchain analytics firm, on July 17. This partnership is set to bring on-chain analytics and data into the Aptos ecosystem; its goal is to support the ecosystem’s growth by offering users and investors analytical tools to determine novel processes. The CEO of Nansen, Alex Svanevik, pointed out that the collaboration would provide crypto teams with the necessary tools to navigate through the Aptos network and its potential challenges effectively. 
<h2 id="b-legal-challenges-faced-by-tether-b">Legal Challenges Faced by Tether</h2> 
In a different context, Tether is <a href="https://thebitjournal.com/tether-3m-middle-east-strategy-a-bold-move-to-expand-usdt-reach/">currently</a> involved in a legal dispute with the defunct cryptocurrency exchange Celsius, which filed a lawsuit against the stablecoin issuer on August 10. Celsius is seeking $3.5 billion in Bitcoin returns, damages, and legal costs, claiming that Tether misappropriated its assets. The lawsuit revolves around a loan agreement in which Tether lent a specified amount of USDT to Celsius during its bankruptcy proceedings. Celsius asserts that it provided Tether with 39,543.42 Bitcoin as collateral. According to the lawsuit, Tether liquidated this Bitcoin at a price nearly equal to the outstanding debt, preventing Celsius from supplying additional collateral. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-41075 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/DALL·E-2024-08-19-20.09.30-A-vibrant-landscape-depicting-the-launch-of-Tethers-USDT-on-the-Aptos-blockchain.-The-scene-features-a-bustling-digital-marketplace-with-low-fee-tran.webp" alt="Tether Launches USDT on Aptos Blockchain to Reduce Transaction Fees" width="1792" height="1024" title="Tether Launches USDT on Aptos Blockchain to Reduce Transaction Fees 47"> 
<h2 id="b-rising-demand-and-market-preparation-b">Rising Demand and Market Preparation</h2> 
In the world of cryptocurrency exchange, Tether’s balances grew to all time high of $20.339 billion on August 13, which shows that investors are eyeing to deploy their stablecoin reserves as they expect a movement in the markets due to the upcoming US Federal Reserve decision on the interest rate in September. Such a large increase in Tether balances on exchanges indicates that investors are willing and prepared to return to the cryptocurrency market.&nbsp; 
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On the same day, Tether’s treasury also <a href="https://thebitjournal.com/tether-mints-1-billion-usdt-on-ethereum-cumberland-injects-906-7m-into-exchanges-signaling-positive-market-shift/">created</a> an increase of $1 billion worth of USDT, a movement observed by Whale Alert, which included comments that noted that the minting was of “inventory replenish. ” Ardoino clarified that while this transaction was “authorised but not issued,” the tokens are reserved for future issuance and chain swaps rather than being immediately released into circulation. Similarly, Tether’s strategy involves creating USDT to maintain adequate reserves for liquidity management, holding them in its treasury until necessary. 
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Tether data from the Tether Transparency page as of August 14 revealed that $941.72 million in USDT still stays “authorised but not issued” on the Ethereum platform. This means that about 60 million USDT from the newly created $ 1 billion is already circulating, illustrating the immense appreciation of USDT.&nbsp;&nbsp;

Tether Launches USDT on Aptos Blockchain to Reduce Transaction Fees

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The Bit Journal

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