This integration allows users on the Aptos network to transact with USDT at lower costs compared to 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 developed by former Meta engineers Mo Shaikh and Avery Ching, who were key figures in Facebook’s blockchain project, Diem. The platform is designed to provide scalable, user-friendly infrastructure for decentralized applications (dApps) and smart contracts.
While Tether has expanded USDT to multiple blockchains in recent years, it has found the most success on Tron and Ethereum, where the stablecoin’s supply stands at $60.82 billion and $52.99 billion, respectively. Other platforms like Arbitrum and BSC hold smaller amounts of USDT, while some networks have struggled to gain traction.
In June, Tether ceased minting new USDT on the EOS and Algorand blockchains, following a similar move earlier in 2023 to end support for Bitcoin, Kusama, and Bitcoin Cash.
Tether’s expansion comes on the back of a strong financial performance. The company reported a record net profit of $5.2 billion for the first half of 2024, fueled by gains in bitcoin and a Q2 operating profit of $1.3 billion. Despite bitcoin’s price decline in Q2, Tether’s overall profit for H1 2024 still exceeded its Q1 performance by $700 million.
As Tether continues to branch out to more blockchain networks, its integration with Aptos could further cement its position as the leading stablecoin, while offering users a more cost-effective alternative for transactions.
