Bitfinex Enables Tether (USDt) Transactions on Aptos Blockchain
Luisa Crawford Oct 28, 2024 16:12
Bitfinex announces the integration of Tether (USDt) deposits and withdrawals on the Aptos blockchain, enhancing transaction speed and reducing costs for users.
Bitfinex, a leading digital asset trading platform, has announced the launch of Tether (USDt) deposits and withdrawals on the Aptos blockchain. This development marks a significant enhancement for Bitfinex users, as they can now conduct transactions on Aptos without the need for third-party wallets, according to blog.bitfinex.com.
Aptos Blockchain's Growing Popularity
The Aptos blockchain is renowned for its speed, scalability, and low transaction fees. Over the past year, it has seen a remarkable surge in network activity. The number of daily active users on Aptos has nearly doubled from 96,000 in January to 170,000 by July. In May, Aptos achieved a breakthrough by becoming the first blockchain to maintain sub-second end-to-end latency across all transaction types, setting a new benchmark for transaction speeds in the Web3 space. The platform further cemented its position by processing over 326 million transactions in a single day in August, setting a new record.
Significance of Tether (USDt) Integration
Tether's USDt, the market's first and most widely used stablecoin, boasts a market capitalization exceeding $120 billion. The integration with Aptos allows Bitfinex users to benefit from the blockchain's low fees and high-speed transactions. Henry Child, Head of Tokens at Bitfinex, emphasized the importance of this integration, stating that it supports smoother and more cost-effective transactions for Bitfinex customers, while reinforcing the platform's commitment to expanding stablecoin access through innovative networks.
Expanding Blockchain Support
With the addition of Aptos, Bitfinex now supports USDt deposits across 19 blockchains and withdrawals across 16. This includes major networks such as Algorand, Avalanche, Ethereum, Solana, and more. However, withdrawals on Kusama, Bitcoin Cash SLP, and Omni Layer blockchains ceased as of September 2023.
About Bitfinex
Established in 2012, Bitfinex offers a comprehensive suite of services for traders and global liquidity providers, including advanced trading features, peer-to-peer financing, an OTC market, and margin trading for a diverse range of digital tokens. The platform focuses on providing exceptional support and innovative tools for seasoned traders worldwide.
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