Tether is prepared to swap another $1 billion USDT from Tron to the Ethereum network. In an official announcement made on Twitter, the network revealed:
“Tomorrow, Tether will coordinate with a 3rd party to perform two chain swaps (conversion from Tron to ERC20 protocol) for 1B USDt. [Tether’s] total supply will not change during the process.”
Since the announcement was made, Tether is yet to reveal the third party to be involved in the exchange. However, rumor has it that Binance could be the external network for the 15th of September transaction.
Upon the success of the swap, Tron’s existing supply on the Ethereum blockchain will increase by $1 billion, while Tron will reduce to $2.30 billion. In addition, Tether may transfer more USDT to Ethereum if demand surges further. However, if congestion problems arise, Tether may move to another exchange in addition to the other exchanges currently available to traders.
Over time, Ethereum has been dealing with overcrowding on its network. As a result of this problem, Tether has expanded to other blockchains, including the OMG Network and Solana. While announcing its integration with OMG Network in a blog post on the 19th of August, Tether said it will allow traders to react faster to trading opportunities.
Image Credits: Pixabay
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