Tether Plans $1B USDT Chain Swap to Tron Network
Tether To Chain Swap $1 Billion USDT To Tron Network
As per the latest crypto news, Tether has announced a $1 billion USDT chain swap to Tron network. This is to enhance liquidity across blockchains while not altering the stablecoin total supply.
Tether – Stablecoin Issuer
Tether crypto is in trend due to the blockchain-enabled platform’s recent announcement. USDT is a Tether stablecoin that is available on several blockchains including Solana, Tron and Ethereum.
Tether USDT News: Chain Swap To Tron Crypto
The stablecoin issuer revealed that it will conduct a $1 billion USDT chain swap. This will shift the stablecoin to Tron network from other blockchains, improving communication between the supported chains.
Tether disclosed the news via its X account of its coordination with a third-party to moving $1 billion worth USDT. A portion of the stablecoin held in cold wallets will be transferred to the Tron blockchain.
While the swap will have no effect on the total supply of the USDT stablecoin, liquidity will be optimized across various networks. This is to allow traders and users to leverage their assets on any of the blockchains that are supported by the crypto firm.
Tether And Bitcoin
Tether, the stablecoin issuer, is also among the firms now that have increased their Bitcoin reserves. It added 7,629 BTC tokens worth $705.25 million to bring the total BTC reserves of Tether to 82,983 BTC. Given the height of Bitcoin price, the Bitcoin holdings are now valued at a whopping $7,68 billion. This transfer happened from Bitfinex post nine months’ dormancy.
USDT And USDC
Tron blockchain is one of the main platforms for USDT as it draws a considerable amount of trading activity. USDT is also the top stablecoin in terms of market cap. USDC, on the other hand, is comparatively low in both market capitalization and trading volume.
USDT Stablecoin Price, Crypto Market Cap
The USDT price is $1 with a market cap of $137,528,484,719. Tether is a stablecoin whose value is pegged to the US Dollar (a fiat currency). Tether is also the first stablecoin created.
