Tether has announced that it will partner with a third exchange to conduct a chain swap, with the goal of converting 750 million USDT from the Tron chain to the Ethereum ERC20 chain. According to the company, the total supply of USDT will remain unchanged in the process.
The chain swap process requires moving cryptocurrencies from one blockchain to another, allowing users to gain access to different blockchains that support the crypto assets they own. This allows them to use their digital assets on other supported blockchains.
MINT 1 BILLION USDT ON ETHEREUM
Tether minted a new $1 billion USDT lot on the Ethereum blockchain on Monday. According to Tether’s CTO, Paolo Ardoino, the new mint is part of the company’s inventory replenishment process on the Ethereum network. These transactions are authorized but “unreleased”, meaning that the funds will be used as inventory for subsequent issuance and on-chain swap requests.
Earlier, Tether explained the inventory replenishment process, which is creating new USDT and storing them in Tether’s funds as “authorized but unissued USDT”. These tokens are not included in the total market capitalization of USDT, as they have not yet been issued or circulated.
USDT has established itself as an important part of the infrastructure in the cryptocurrency ecosystem and is widely used in transactions on cryptocurrency exchanges. However, USDT issuers have had some doubts about reserve assets and lack of transparency in the past.
This year, the failure of the banking sector and increased regulation of the asset classes led many investors to turn to USDT, boosting its dominance. USDT has become a popular choice for those who want to avoid risk and preserve asset value in the crypto market. This has fueled an increase in the importance and credibility of USDT.
Tether ‘s GROWTH DOWNLOAD
This week, stablecoin USDT in circulation surged to its highest level, surpassing $83 billion. One of the main factors contributing to this spike was the recent loss of a peg in the same sector, TrueUSD (TUSD).
The loss of investor confidence in the USDC stablecoin issued by Circle is also another reason for market participants to move to the world’s largest stablecoin, USDT.
Last month, Tether announced an expansion of its presence in Georgia through an investment in a payment processing company called CityPay.io. They also revealed their plans to launch a sustainable Bitcoin mining operation in Uruguay.
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