Tether expands USDT stablecoin to Aptos blockchain

Tether, the issuer behind the USDT stablecoin, is set to launch USDT on the Aptos blockchain. This new integration will enable users on the Aptos network to perform transactions with USDT at a reduced cost compared to more expensive networks such as Ethereum. Paolo Ardoino, CEO of Tether, highlighted that this move is part of their commitment to innovation and providing users with stable and reliable financial tools.

Aptos, a Layer 1 blockchain project, was co-founded by former Meta engineers Mo Shaikh and Avery Ching, who previously worked on Facebook's Diem blockchain initiative. The Aptos project aims to deliver a scalable, efficient, and user-friendly infrastructure for decentralized applications and smart contracts.

While Tether has extended its presence across several blockchains, it has achieved notable success mainly on two networks. Currently, USDT's supply on Tron stands at $60.82 billion, while on Ethereum it is $52.99 billion. Arbitrum follows with the next largest supply of USDT at $2.74 billion. Only two other chains hold more than $1 billion in USDT.

In June, Tether announced that it would cease minting new USDT on the EOS and Algorand blockchains. Additionally, Tether discontinued support for its stablecoin on Bitcoin, Kusama, and Bitcoin Cash in 2023.

Recently, Tether reported a record net profit of $5.2 billion for the first half of 2024, following a net profit of $4.5 billion in the first quarter. However, these figures include unrealized gains from Bitcoin, which declined in value during the second quarter. Consequently, the profit for the first half of 2024 was only $700 million more than the first quarter, despite a net operating profit of $1.3 billion in Q2.

Source - https://www.theblock.co/post/311757/tether-expands-usdt-stablecoin-to-aptos-blockchain