Tether integrates USDT stablecoin on Aptos, expanding into Move ecosystem
Aptos Weekly Overview - August 22, 2024
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By The Numbers
Aptos transactions this week: 551.9M (+4,600%)
Network transactions per second (TPS): 912.5
Active users: 739.9K (+30%)
New users this week: 410.8K
Total staked APT: 860.92M (-0.2%)
Aptos total value locked (TVL): $366.6M (-2.4%)
NFT weekly sales: 1.6K (-19.7%)
The percentages and metrics are based on a 7-day timeframe from Flipside data as of Aug. 19, unless noted otherwise.
Inside the blockchain
🌐What happened: Tether announced it will launch its USDT stablecoin to the Aptos blockchain.
🌐Why does it matter: Tether is currently the largest stablecoin by market cap at $117.3 billion, according to CoinMarketCap data. USDT will launch on Aptos, with the intention to provide the network’s users greater transaction efficiency, lower gas fees and faster processing speeds.
Earlier this month, the Aptos Foundation partnered with Ondo Finance to launch its USDY stablecoin on the network, too. Alongside this collaboration with Tether, Aptos showcases its commitment to expand the DeFi sector, stablecoin availability and bring more optionality and security to its onchain users.
“Without native stablecoins it's difficult for a decentralized finance (DeFi) ecosystem to mature and get to scale.” Haseeb Qureshi, managing partner at Dragonfly Capital, wrote on X. “I think 2025 is going to show what Move can really do. Remember the ecosystem is less than 2 years old—comparatively young!”
Bringing Tether to Aptos can expand its stablecoin to a wider audience, particularly those who prioritize low-cost transaction solutions by integrating USDT on Aptos to combat fees and scaling-related reasons.
As the crypto ecosystem progresses and stablecoins continue to gain market share and dominance, this launch can expand the Aptos network and provide its users more access to financial-based products.
🌐The big picture: This move highlights the importance of interoperable and scalable blockchain infrastructure in driving the next wave of DeFi adoption. Aptos positions itself to become a key player in facilitating DeFi expansion.
This is a step forward toward mainstream adoption of onchain assets, particularly in regions where traditional financial systems are less accessible.
As stablecoins like USDT continue to play a critical role in DeFi and global payments, its expansion onto networks like Aptos highlights the ongoing evolution of the crypto ecosystem, with a focus on speed, cost-efficiency, and broad accessibility for institutions and everyday users alike.
Ecosystem wins
Aptos collaborated with Rarible to launch a marketplace for NFTs and art project
Joule Finance launched its Money Market app on Aptos mainnet to provide borrowing and lending services to the network
Kana Labs revealed Trident, a load balancer for developers that manages multiple Aptos RPC nodes, to its ecosystem
Panora Exchange shared it surpassed $25M in swap volume on the Aptos network
Aptos Foundation announced its partnership with Myco, a web3 streaming platform
The community is makin’ Moves
ICYMI: Aptos Labs hosted its Move Monday featuring its founding engineer and others to answer developer related questions
See the latest Aptos network stats in a thread compiled by X user nft_pokeworld
X user liquid_joule wrote a post that covered Tether’s deployment of USDT on Aptos
By the headlines
You might have seen these Aptos-related headlines recently…
Aptos co-founder Avery Ching appeared on Aptos After Dark to share his thoughts about USDT on Aptos and the latest ecosystem developments
Tether expands USDT stablecoin to Aptos blockchain (The Block)
6 Reasons Why Builders Choose Aptos (Aptos Foundation Blog)
Join in the fun
Want to dive into the ecosystem full-time? Find the latest job postings on Aptos Foundation here.
Hear from Aptos Labs’ Head of Engineering David Wolinsky on the Aptos After Dark X space
Build a staking pool for any fungible asset using Aptos’ Developer Docs
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.