Stablecoin Tether is relocating 1 billion USDT coins to Ethereum blockchain
Stablecoin maker Tether is going to move 1 billion USDT coins from TRON to Ethereum blockchain, so it is about 8% of its complete stock.
Paolo Ardoino who is Tether's CTO told The Block that "a cryptocurrency exchange is willing to swap part of its Tethers from TRC20 to ERC20."
He rejected to tell the exchange, but The Block has discovered that it probably going to be Binance. Binance did not reply to a question by press time.
With the chain swap, USDT's quantity on Ethereum will now rise to 8.5 billion, right now it is about 7.50 billion. At the same time, the supply on TRON would shrink from 4.30 billion to 3.30 billion. The current total supply of USDT is more than 13 billion.
It is worth telling that stablecoin chain swaps usually happen when users require to trade on one blockchain rather than another. Issuers and exchanges normally don't choose themselves.
Tether also went active on the OMG Network to decrease congestion on the Ethereum blockchain yesterday. Tether presently runs on seven blockchains: Algorand, Ethereum, EOS, Liquid Network, Tron, Omni, and OMG Network.
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