Tether Has Decided to Integrate USDT Into the Aptos Network

Tether, the issuer of the USDT stablecoin, is expanding its reach by launching USDT on the Aptos blockchain.

This integration allows users of the Aptos blockchain to transact with USDT at a lower cost compared to more expensive networks like Ethereum. Tether CEO Paolo Ardoino stressed that the move reinforces Tether’s commitment to innovation and providing trusted financial tools for its users.

Aptos, a layer one blockchain co-founded by former Meta engineers Mo Shaikh and Avery Ching, aims to offer a scalable, efficient and user-friendly infrastructure for decentralized applications and smart contracts.

Despite Tether’s expansion into multiple blockchains, USDT’s supply has flourished primarily in Tron and Ethereum, with current supply of $60.82 billion and $52.99 billion, respectively.

Other networks, such as Arbitrum, hold significantly less USDT, with only two other chains exceeding the $1 billion mark.

In June, Tether stopped digging for new USDT in the EOS and Algorand blockchains, having previously decided to end support for Bitcoin, Kusama and Bitcoin Cash in 2023. Despite these changes, Tether reported a record net profit of $5.2 billion in the first half of 2024, although this figure includes unrealized gains in Bitcoin, whose price fell in the second quarter.

As a result, the increase in profit for the first half of 2024 is only $700 million more than the first quarter, despite a net operating profit of $1.3 billion in the second quarter.