Tether (USDT) Disclosure: Will Move $1 Billion From This Altcoin Network To Ethereum!

Distributor of USDT stablecoin Tether, 1 billion USDT Solana to Ethereum announced that it performed a chain swap transaction to carry

Tether To Withdraw $1 Billion From Solana And Move It To The Ethereum Network

The chain swap will reduce the total amount of USDT in circulation on Solana, but the company said on Twitter that the overall supply of the stablecoin will not change.

Earlier this week, Binance launched Solana. altcoin suspended USDC and USDT deposits on its network, but restarted it shortly after.

In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Solana to Ethereum ERC20, for 1B USDt. the #tether total supply will not change during this process.
Learn more about chain swaps ⬇️https://t.co/abfgnELSvi

— Tether (@Tether_to) November 18, 2022

This announcement comes after a rival exchange, OKX, delisted both USDC and USDT on the Solana network and also stopped accepting deposits or withdrawals.

The Solana Foundation declined to comment on the situation, citing an article Tether published yesterday.

Citing FTX’s sister trading firm, which filed for bankruptcy protection last week, Tether said, “Alameda’s heavy involvement in Solana does not in any way affect the fundamental dynamics of USDT operation and USDT issuance.”

According to the Tether transparency report, Solana Tron and from Ethereum after this it is the third largest network for stablecoin. Solana has 1.89 billion USDT, which represents just under 3% of the total supply.

The stablecoin firm announced that USDT is issued on a 1:1 dollar basis when institutional parties send dollars to Tether. He added that this is the case for Tether on Solana in Alameda:

“These reserves are still in Tether’s hands; They’re not on Alameda’s balance sheet. Collateral backing Alameda’s USDT is not on Alameda’s balance sheet.”

*Not investment advice.