Tether Launches USDT on Aptos Blockchain

Stablecoin issuer Tether is launching its main USDT stablecoin on the Aptos blockchain.

The integration will allow users on the Aptos blockchain to natively transact with USDT at a lower cost than more expensive networks like Ethereum. “This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools,” said Tether CEO Paolo Ardoino in a statement.

Aptos is a Layer 1 blockchain project co-founded by former Meta engineers Mo Shaikh and Avery Ching, who were involved in Facebook’s blockchain initiative, Diem. The project’s goal is to provide efficient, scalable, and user-friendly infrastructure for decentralized applications and smart contracts.

While Tether has expanded to many blockchains in recent years, it has primarily found success on two: Tron, with a supply of USDT currently at $60.82 billion, and Ethereum, at $52.99 billion. Arbitrum follows with $2.74 billion in USDT, with only two more chains exceeding $1 billion.

In June, Tether announced it would stop minting new USDT on the EOS and Algorand blockchains, having already ended support on Bitcoin, Kusama, and Bitcoin Cash in 2023.

Last month, 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 Q1. However, these figures include unrealized gains in bitcoin, which experienced a price decline in Q2. Consequently, its profit for the first half of 2024 was just $700 million higher than Q1, despite a net operating profit of $1.3 billion in Q2.