Tether will withdraw 1 billion USDT tokens today from the Tron blockchain and transfer them to the Ethereum blockchain. The exchange will go through an unnamed cryptocurrency exchange.
According to Paolo Ardoino, CTO of Tether, the operation is being initiated by an unnamed exchange that wants to exchange TRC-20 tokens for ERC-20 tokens. According to TheBlock, this is the largest trading platform Binance. Usually, the exchange of tokens is caused by the demand of users, which means that they prefer USDT to the ERC-20 standard.
After the exchange, the amount of USDT on the Ethereum blockchain will increase from 7.5 billion to 8.5 billion, and on the Tron blockchain, respectively, will decrease from 4.3 billion to 3.3 billion. The total number of issued USDT tokens on various blockchains exceeds 13 billion.
On August 19, it was announced that the stablecoin USDT will appear on the basis of the OMG Network – a second-tier solution for scaling the Ethereum blockchain. In total, Tether supports USDT tokens on six blockchains – Omni (Bitcoin blockchain), Ethereum, Tron, Algorand, EOS, and Liquid Network (Bitcoin sidechain).
