Tether Moves Assets: 750 Million USDT Transfers From Tron To Ethereum

Tether will move blockchain for USDT tokens. (Photo; Doc. Siam Blockchain)

JAKARTA - Tether, one of the largest stablecoin publishers in the world, announced its plans to swap chain with the help of a third-party exchange. The purpose of this swap chain is to convert 750 million USDT from the Tron network to Ethereum ERC20.

Despite blockchain transfers, the total supply of USDT will not change during this process. For information only, the swap chain process itself is the transfer of cryptocurrencies from one blockchain to another.

This allows traders to gain access to various blockchains that support the cryptocurrency they hold. With the swap chain, users can take advantage of their digital assets in various supporting blockchains.

Meanwhile, Tether also printed 1 billion USDT on the Ethereum blockchain. Paolo Ardoino, Tether's Head of Technology, explained that the USDT printing worth billions of dollars is part of the company's inventory charging on the Ethereum network. Although this amount is authorized, this newly minted USDT will not be immediately published into circulation.

Tether has become an important part of the crypto ecosystem and is widely used for trading on cryptocurrency exchanges. However, its publishers have faced criticism of insufficient reserves and transparency over the past few years.

Nevertheless, this year, with the banking sector's disaster and increasing crackdown on asset classes, Tether is experiencing a significant increase in dominance. The USDT circulation peaked above $83 billion this week, with many investors turning to stablecoins.

The price transfer of rival stablecoins and declining trust in USDC stablecoins is the main factor behind increasing Tether's dominance. Tether is also taking expansion steps with investment in Georgia and planning Bitcoin mining operations in Uruguay to expand its footprint in the crypto industry.