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How would this work?

Would it be like this?

  1. Fetch all the addresses that hold token A
  2. Iterate over those addresses on off-chain code and programmatically send token B to those addresses
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You need to understand that tokens are not "sent" to an address. All tokens are simple K/V maps within the storage (bigmap) of a smart contract. Transferring a token from X to Y is simply updating a record within the contract storage.

Airdropping a new token would look more like this:

  1. Query the bigmap of the contract controlling token A. This gives you all the addresses which have token A.
  2. Create your contract for token B and init the storage map of this contract with the map from A.

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