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

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.

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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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.