Tether Launches USDT on Aptos Blockchain to Reduce Its Transaction Costs!

Tether has taken one of the steps to improve the accessibility of the digital currency and the use and transactions of Tether worldwide. They recently launched their US dollar-pegged token, USDT, on the Aptos blockchain to reduce their transaction costs. As we know USDT is a stable currency which is pegged to the US dollar i.e. one dollar. Recently they have taken steps to reduce their transactions through consolidation. Their goal is to use the scalability and speed of the Aptos blockchain to use extremely low gas fees for users and thereby reduce transaction fees as using this blockchain can greatly reduce transaction fees as it costs only a fraction of a penny.

source

This new move will reduce transaction fees for broader use cases, including microtransactions and large-scale enterprise operations, making transaction fees economically viable. But one thing is clear that Aptos has witnessed considerable growth over time. Average daily active users (DAU) has increased since the beginning of this year. A record-breaking 157 million transactions were processed in a single day in May this year. Tether's CEO believes that linking to such a blockchain will facilitate faster and more cost-effective transactions with USDT.

However, at present, the matter of merging these two is causing a lot of interest among many people. The team at Tether is excited to integrate and collaborate with the Aptos ecosystem. Even the move will make cryptocurrencies more accessible and viable. Because of such moves, a blockchain analytics provider has partnered with Aptos to bring its onchain analytics and data into the blockchain ecosystem. Even the steps taken now help grow the Aptos ecosystem by empowering users and investors with the necessary analytical tools.

However, Celsius has filed a lawsuit against Tether among the non-traditional cryptocurrency exchanges. The lawsuit alleges that the company's assets were misappropriated through the digital assets it acquired. The lawsuit filed against it seeks nearly $3.5 billion in bitcoin returns, damages and legal fees. Because they were accused of Tether lending a certain amount of USDT to a defunct exchange. The lawsuit even claims that in addition to lending a certain amount to a defunct exchange, they liquidated BTC at a price that almost exactly covered the loan without allowing for additional collateral.