💰 Tether launches USDT stablecoin on Aptos, expanding to Move ecosystem
Aptos Weekly Overview - October 31, 2024
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By The Numbers
Aptos transactions this week: 35.9M (+44.1%)
Network transactions per second (TPS): 59.4
Active users: 3.6M (+37.2%)
New users this week: 2M
Total staked APT: 896.1M (-0.2%)
Aptos total value locked (TVL): $1.6B (+7%)
NFT weekly sales: 7.7K (+85.2%)
The percentages and metrics are based on a 7-day timeframe from Flipside data as of Oct. 28, unless noted otherwise.
Inside the blockchain
🌐What happened: Tether’s stablecoin, USDT, launched to Aptos mainnet, making it the most anticipated deployment of a stablecoin on a Move-powered blockchain.
🌐Why does it matter: Tether’s integration with the Aptos network hopes to broaden the reach of USDT by providing low-cost, high-speed transactions and greater accessibility in emerging markets where the demand for dollar-backed assets is rising.
Aptos, which is built on the Move programming language, is optimized for scalable, secure, and interoperable stablecoin usage, making it a promising landing zone to set a foundation for USDT. Developers and users can benefit from near-instant, reliable stablecoin transfers by leveraging Aptos' sub-second transaction speeds. This in turn could pave the way for future DeFi innovations on Aptos.
The stablecoin market cap on Aptos is $273.13M, according to DefiLlama data at the time of writing. This metric is important because it shows there's an obvious product market fit for stablecoins within the network. For emerging markets, this integration hopes to deliver accessible, dollar-backed digital assets that could strengthen financial inclusion and aid communities affected by currency devaluation.
🌐The big picture: As stablecoins like USDT gain traction, its integration into the Aptos network directly aligns with Tether’s vision for a resilient DeFi ecosystem. This can lead to larger-scale adoption and developer engagement across multiple financial applications.
As the first deployment of USDT on a Move-powered chain, Tether's launch on Aptos can set a precedent for future stablecoin collaborations and potentially drive further adoption and innovation within the blockchain space.
Ecosystem wins
FLock.io collaborated with the Aptos Foundation to provide AI-assisted development to the Move language
TallyUp is bringing its play-to-earn game to the Aptos network
Merkle Trade celebrated its 1-year anniversary on the Aptos network, boasting $14.77B in trading volume and $6M in TVL
Aptos TVL hit $1.63B and is up 63% month-over-month (shown below)
Source: DefiLlama
The community is makin’ Moves
Flipside Analyst Cristinatinto created a dashboard focused on Aptos-based NFTs
Listen to Aptos After Dark, a community hosted X space that featured the founders of Econia Labs, and emojicoin.fun
Want to learn more about the various projects within the Aptos ecosystem? Check out this post and the chart below, by X user Aptos_Insiders
By the headlines
You might have seen these Aptos-related headlines recently…
Why Aptos is the FASTEST Growing Layer 1 Blockchain (Thinking Crypto Podcast)
Aptos Foundation partners with crypto-AI startup to build Move programming language tools (The Block)
Tokenized Funds: The Third Revolution in Asset Management Decoded (Report by Aptos Labs, BCG, and Invesco)
Join in the fun
Want to dive into the ecosystem full-time? Find the latest job postings on Aptos Foundation here.
Tune in to Aptos’ Code Collision finalist demo day on Nov. 1
Going to Devcon? Movement Labs and Aptos are hosting a hacker event - see details here
Move shipped updates to its coding language - check out the release notes here to get started on developing
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This product was built by Token Relations.
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.