Tether Will Transfer 1 B USDT From Tron to Ethereum
Tether will transfer 1 billion USDT from Tron blockchain to Ethereum
The stablecoin issuer Tether will move 1 billion USDT from the Tron blockchain (TRC-20) to Ethereum (ERC-20).The total supply of coins will not change.
Tomorrow Tether will coordinate with a 3rd party to perform two chain swaps (conversion from Tron to ERC20 protocol) for 1B USDt.
Tether total supply will not change during this process.
Read more here: https://t.co/abfgnELSvi
— Tether (@Tether_to) September 14, 2020
The company will carry out the swap on Tuesday, September 15, in coordination with “a third party”, Tether said.
In recent weeks, this is the second such stablecoin transfer between blockchains – on August 20, the issuer also moved USDT 1 billion from Tron to Ethereum.
The latest transaction indicates that USDT continues to attract increased demand from Ethereum users. At the same time, Tether is trying to reduce the load on the cryptocurrency network by adding support for alternative solutions like the OMG Network and Solana. USDT is also available on Algorand, EOS, Liquid Network, and Omni systems.
Earlier, the company announced that it was able to return 1 million USDT to a user who mistakenly sent assets to the address of the wrong contract. According to CoinGecko, the total supply of USDT has exceeded 14.7 billion, most of the coins are issued on the Ethereum blockchain.
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.