Tether Announces Launch of USDT on Aptos Network: Strategic Realignment of Supported Chains Underway

Tether is set to launch USDT on the Aptos blockchain, marking a strategic shift towards high-performance networks.

As the cryptocurrency landscape sees increased delistings and project mergers, Aptos' fast, low-cost transactions position it as a key player in the future of digital finance.

Explore the implications of this move and what it means for the broader crypto ecosystem.

Tether Expands USDT to Aptos Blockchain

In the rapidly evolving cryptocurrency landscape, we are witnessing a growing trend of streamlining services, such as the discontinuation of support for certain blockchains and the delisting of cryptocurrencies.

This trend is also evident at Tether, the issuer of the US dollar-pegged stablecoin USDT. While Tether announced in July 2023 that it would end the redemption of USDT and EURT on a total of five blockchains, on August 19, 2024, the company revealed plans to launch USDT on the Aptos (APT) network.

Emphasizing the Advantages of Aptos: Speed and Low Costs

The decision to launch USDT on Aptos is part of Tether's broader strategy to make digital currency more accessible and convenient worldwide.

Tether highlighted Aptos' high processing power, scalability, significant growth in user base, and ecosystem expansion as key factors in this move.

Specifically, the average daily active user count on Aptos increased from 96,000 in January 2024 to 170,000 in July 2024. Additionally, in May 2024, the network processed a staggering 157 million transactions in a single day.

Aptos also offers extremely low gas fees—less than a penny per transaction—making it an attractive option for both small transactions and large-scale enterprise operations.

By leveraging Aptos' fast and cost-effective transaction environment, Tether aims to enhance the utility and appeal of USDT, making it more attractive to a broader audience.

A Surge in Project Mergers and Delistings on the Horizon?

Over the past few years, the cryptocurrency industry has seen an explosion in the number of blockchains and cryptocurrencies. As of August 20, 2024, there are over 2.4 million cryptocurrencies listed on CoinMarketCap.

However, many of these cryptocurrencies are virtually worthless, with little to no trading activity.

This has led to a rise in announcements from international exchanges regarding the delisting and discontinuation of support for certain cryptocurrencies.

Experts in the cryptocurrency industry predict an increase in announcements related to project mergers and delistings in the near future.

As high-performance blockchains and cryptocurrencies like Aptos continue to gain traction, it's anticipated that capital previously dispersed across multiple coins will consolidate into a few key cryptocurrencies.

This consolidation could pave the way for more widespread adoption and growth of blockchain technology.

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