Tether is moving 1 billion more USDT coins from TRON to Ethereum blockchain
September 14, 2020, 6:35AM EDT
1 min read
Stablecoin issuer Tether is set to move 1 billion more USDT coins, or around 7% of its total supply, from TRON to the Ethereum blockchain.
The swap will be performed in two tranches tomorrow, September 15. Tether said it would coordinate with a third party (an unnamed crypto exchange) for the swap. "A tier 1 exchange asked to swap," Tether CTO Paolo Ardoino told The Block.
Stablecoin chain swaps are generally performed when users demand to trade on one blockchain instead of another. Issuers and exchanges usually don't make such decisions themselves.
This would be the second massive swap of Tether from TRON to Ethereum — last month, the issuer moved 1 billion USDT coins.
While Tether is looking to reduce congestion on the Ethereum blockchain by supporting blockchains such as Solana and OMG Network, users seem to like trading USDT on Ethereum. Tether works on eight blockchains — Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, Solana, and Tron — and Ethereum remains its largest value settler, as The Block reported recently.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.