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Tether Orchestrates $1 Billion USDT Chain Swap From Tron To Ethereum

Emily Mason

Summary: Tether moved $1 billion worth of USDT from Tron to Ethereum in a chain swap on Thursday, August 20, according to a recent tweet. Ethereum already holds $13 billion worth of USDT, but the chain is popular for hosting defi projects making it an important place for USDT to be held, as reported by Coindesk. ...

Tether moved $1 billion worth of USDT from Tron to Ethereum in a chain swap on Thursday, August 20, according to a recent tweet.

Ethereum already holds $13 billion worth of USDT, but the chain is popular for hosting defi projects making it an important place for USDT to be held, as reported by Coindesk. Tether's tweet noted that the swap was happening in conjunction with a third party. Large USDT token transfers logged by Whale Alert suggest Binance may be the third party.

Tether has played a significant role in the Ethereum network's congestion, Decrypt reported. The new influx of Tether means that Ethereum developers will need to start producing answers to the network's scalability issues.

By Emily Mason

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