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.

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.

About Author

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.

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on