Aptos to support stablecoin USD1

Layer-1 blockchain Aptos (APT) will distribute the stablecoin USD1 in cooperation with the decentralized finance (DeFi) project World Liberty Financial (WLFI), which involved the Trump family.

On the 30th (local time), according to Cointelegraph, USD1 will launch on the Aptos network on October 6 (local time) and is expected to receive immediate support from major DeFi protocols and exchanges. DeFi platforms such as Echelon (Echelon), Hyperion (Hyperion), Thala (Thala), Tapp (Tapp) and wallets and exchanges such as Petra (Petra), Backpack (Backpack), OKX, Bitget Wallet (Bitget Wallet) will participate in liquidity pools and incentive programs.

Avery Ching (Avery Ching), chief executive officer (CEO) of Aptos, said, "WLFI is preparing future financial services such as retail finance and banking, and as a first step they want to distribute a stablecoin that returns revenue to users," adding, "They decided to cooperate because they highly valued Aptos's technology, which has transaction costs at one-hundredth of a cent and speeds within 0.5 seconds."

This collaboration is seen as a move targeting the market shares of Ethereum (ETH) and Tron (TRX), which lead the stablecoin market. Currently Tether (USDT) is circulating on Aptos at about $1.3 billion, and compared with Tron's $78.6 billion and Ethereum's $94.8 billion, the gap remains large. USD1's market capitalization is about $2.68 billion and is mainly distributed on the BNB Chain.