Tether, accompanied by cryptocurrency exchange Binance, announced that it has moved 1.6 billion USDT from the TRON (TRC-20) network to the Ethereum (ERC-20) network.
A recent social media shared by Tether in your post 1.6 billion USDT details of the process. TRON 1.6 billion USDT in its network Binance in a coordinated manner with Ethereum The company stated that it has moved to its network, USDT total supply stressed that he has not changed in this process.
Market analysts say this step Binance USD (BUSD) issuer PaxosHe claimed that it came after the US withdrew its support for stablecoins due to US sanctions. According to analysts, with the withdrawal of BUSD from the market On the Binance front USDT usage is expected to increase.
While it was a question of which stablecoin Binance would turn to after BUSD faced regulatory pressures, the stock market last week 130 million dollars worth TrueUSD (TUSD) Its printing caused an increase in the token price.
On the other hand, according to data provided by on-chain data provider CryptoQuant, the amount of stablecoins on exchanges has reached the peak of 2023. The biggest player of this increase was USDT. at the beginning of January Increasing its market value from $66 billion to $71 billion USDT continues to sit in the leadership seat of the stablecoin market.