1 billion USDT (Tether) moved from Tron to Ethereum
Last Updated on 21 August 2020 by CryptoTips.eu
Tether yesterday moved 1 billion USDT from Tron’s blockchain to Ethereum’s. Binance would be behind this colossal transfer.
One billion USDT leaves Tron
As Tether’s technical director Paolo Ardoino explained to The Block,
A cryptocurrency exchange wants to exchange part of its TRC20 tethers into ERC20.
According to media information, it is probably the Binance platform that would have liked to migrate its TRC20’s. The USDT leaving the Tron blockchain is 8% of the total Tether supply.
As stated by a tweet from Tether, the total stock of USDT does not change.
In few hours 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.
— Tether (@Tether_to) August 20, 2020
Read more here: https://t.co/abfgnELSvi
This brings the amount of USDT on Ethereum to $8.5 billion, compared to $3.30 billion at its competitor Tron. It is possible that this transfer is due to a request from Binance users, who wish to favor the blockchain of Ethereum rather than that of Tron.
Tether continues to export
We also learned yesterday that Tether had finished exporting to the OMG Network, formerly called OmiseGO. The integration was announced last May, and it has just been completed.
The maneuver should partially relieve the Ethereum network, which is particularly congested at the moment. This brings the number of blockchains compatible with USDT to seven. Stablecoin’s market cap is now over $ 12 billion.
Paolo Aordino welcomed this progress, on behalf of Tether and Bitfinex:
By migrating value transfers to the OMG Network, we save fees, drive performance improvements, and relieve pressure on the core blockchain. This is good news for both Bitfinex and our customers , as well as the Ethereum ecosystem as a whole.
