Tether says it's moving 1 billion USDT from Solana to Ethereum

Quick Take

  • Tether said it’s performing a chain swap to move 1 billion USDT from Solana to Ethereum.
  • Tether says total supply won’t change.

Tether, the issuer of the USDT stablecoin, said it was conducting a chain swap to move 1 billion USDT from Solana to Ethereum.

The chain swap will reduce the total amount of circulating USDT on Solana, but the company said on Twitter that overall supply of the stablecoin will not change.

Earlier this week, Binance suspended deposits of USDC and USDT from Solana but quickly resumed them shortly after. This announcement came after a rival exchange, OKX, delisted both USDC and USDT on Solana, and also stopped accepting deposits or withdrawals.

The Solana Foundation declined to comment on the situation and referred to an article Tether posted yesterday.

"Alameda's heavy involvement in Solana doesn't impact the underlying dynamics of how USDT functions and USDT issuance works whatsoever," Tether said in the post, referring to the sister trading firm of FTX that filed for bankruptcy protection last week.

In a blog post published Friday, the Solana Foundation said that network has dealt with "more complex transactions than normal" but has continued to perform well under stress.

(Updates with blog post from Solana Foundation.)

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