Tether is moving 1 billion USDT coins from TRON to Ethereum blockchain

Tether • August 20, 2020, 5:00AM EDT
UPDATED: August 20, 2020, 5:05AM EDT
The Block

Stablecoin issuer Tether is today moving 1 billion USDT coins, or 8% of its total supply, from TRON to Ethereum blockchain.

Tether CTO Paolo Ardoino told The Block that "a cryptocurrency exchange is willing to swap part of its Tethers from TRC20 to ERC20." Ardoino declined to name the exchange, but The Block has learned that it is most likely Binance. Binance did not respond to a query by press time.

With the chain swap, USDT's supply on Ethereum will now increase to 8.5 billion, from the current 7.50 billion. Simultaneously, the supply on TRON would decrease from 4.30 billion to 3.30 billion. The current total supply of USDT is over 13 billion.

It is worth noting that stablecoin chain swaps generally occur when users demand to trade on one blockchain instead of another. Issuers and exchanges usually don't decide themselves.

Yesterday, Tether also went live on the OMG Network to reduce congestion on the Ethereum blockchain. Tether now works on seven blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron. 

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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