The biggest in the crypto world stablecoin issuer Tether (USDT)made an important statement on his social media account recently.
The stablecoin issuer confirmed that it assisted Binance, where the bulk withdrawals took place during the day. Tether is a major stablecoin network exchange for the Binance exchange. Binance’s TRON 3 billion dollars in network USDTvia Tether ERC-20 (Ethereum) will be moved to the network.
In few minutes Tether will coordinate with Binance to perform a chain swap, converting from Tron to Ethereum ERC20, for 3B USDt. the #tether total supply will not change during this process.
Learn more about chain swaps ⬇️https://t.co/abfgnELSvi
— Tether (@Tether_to) December 13, 2022
“Tether will successfully complete a network exchange with Binance exchange within minutes. 3 billion USDT in the TRON network will be transferred to the Ethereum network. Our company’s supply and collateral total will not change during this transaction.”
Tether will deliver the billion USDT in the ETH network to the Binance exchange. After this procedure Binancewill successfully complete the transfer by returning the stablecoin issuer the money on the Tron network.
“Balancing Binance Reserves”
Tether manager Paolo Ardoino stated that they aim to maintain the reserve balance of the giant exchange with the swap transaction. Due to the negative news reflected in the press, investors withdrew $2 billion worth of cryptocurrencies from the Binance exchange within hours.
Since users use the ERC-20 network more than TRON in USDT transfers, Tether wants to make the work of the giant exchange easier.
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