The company behind the world’s largest stablecoin Tether, Binance in cooperation with Tron to Ethereum ERC20 1.6 billion USDT announced a major chain swap.
Tether Moves 1.6 Billion USDT from Tron to ERC20
This move marks a significant shift in the stablecoin’s usage on Binance and BNB Chain platforms.
The chain swap, which involves the conversion of USDT tokens from the Tron network to the Ethereum network, was carried out in collaboration with Binance.
The process has been successfully completed and USDT tokens are now available on the Ethereum network, which is known for its wider adoption and higher liquidity compared to Tron.
According to the company’s announcement, the on-chain swap was necessary to “support growing ecosystem demand.” With the exit of another popular stablecoin, BUSD, from the Binance ecosystem, the usage of USDT on Binance and BNBChain is expected to increase significantly.
The chain swap is seen as a strategic move by Tether and Binance to meet the growing demand for USDT and increase the use of the token.
USDT is currently the largest stablecoin by market cap, with a valuation of over $73 billion. The token is widely used in the cryptocurrency market as a medium of exchange and a store of value.
Its usability in different blockchain networks has contributed significantly to its widespread adoption.
The successful chain swap by Tether and Binance highlights the importance of collaboration and interoperability between different blockchain networks.
This move is expected to benefit Binance users by providing a more efficient and versatile stablecoin that can be used across different platforms.
*Not investment advice.
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