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CoinGape 2025-01-06 23:28:28

Tether Plans $1 Billion USDT Chain Swap to Tron Network, Here’s All

Tether Plans $1 Billion USDT Chain Swap to Tron Network, Here’s All

Stablecoin issuer Tether, has in conjunction with a popular crypto exchange platform revealed that it will be conducting a $1 billion USDT chain swap. The swap will shift the stablecoin from other blockchains to Tron network to improve the communication between the supported chains. Details of the Tether USDT Chain Swap to Tron Network On January 6, Tether revealed via its X account that it is coordinating with a top third-party exchange to move $1 billion worth of USDT. The swap will involve transferring a portion of the stablecoin held in cold wallets to the Tron blockchain. Tether’s stablecoin, USDT, is currently available on multiple blockchains, including Ethereum, Solana, and Tron. The issuer clarified that the process will not alter the total USDT supply but will ensure that liquidity is optimized across various networks. This mechanism enables traders and users to leverage their assets on any blockchain supported by the crypto firm. Meanwhile, the stablecoin issuer recently joined the bandwagon of firms increasing their Bitcoin reserves, adding 7,629 BTC worth $705.25 million. The funds, transferred from Bitfinex after nine months of dormancy, bring Tether’s total Bitcoin holdings to 82,983 BTC. Acquired for $2.99 billion, these holdings are now valued at $7.68 billion, reflecting its growing Bitcoin strategy. USDT’s Dominance in the Stablecoin Market Furthermore, USDT remains on top of the list in the stablecoin market cap with a value of more than $137 billion. Its main application areas are in payment systems, trading, and cross-border transactions . The stablecoin has recorded a 24-hour trading volume of $107 billion, a 69% jump in the last 24 hours. On the other hand, the second popular stablecoin, the USDC, has a market cap of $45.8 billion and a daily trading volume of $7.7 billion. However, Tether’s stability pegged to the U.S. dollar has made it an essential tool for traders in the crypto market. Nonetheless, despite the growing dominance, Bitcoin critic Peter Schiff has accused Tether of market manipulation following its recent 7,629 BTC purchase. Schiff claimed that the stablecoin issuer mints USDT “out of thin air” to acquire Bitcoin, likening it to quantitative easing. While Tether backs USDT with reserves and conducts audits, Schiff continues to question its practices. Role of Chain Swaps in the Crypto Ecosystem Chain swaps play a crucial role in the cryptocurrency ecosystem by enabling seamless asset transfers between blockchains. This allows users to access liquidity and trading opportunities across multiple blockchains, enhancing market efficiency. The stablecoin issuer decision to facilitate a chain swap to Tron underscores its commitment to maintaining liquidity across supported networks. The Tron blockchain remains one of the primary platforms for USDT, driving substantial trading activity. However, despite its dominance, the stablecoin issuer has not been without some challenges. The European Union’s Markets in Crypto-Assets (MiCA) regulation, proposed in December last year, has impacted the stablecoin market directly. The post Tether Plans $1 Billion USDT Chain Swap to Tron Network, Here’s All appeared first on CoinGape .

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