BCGAME - Free 5BTC Daily Bonus!The issuer of the largest stablecoin on the market USDT, Tether, announced on November 6 that it will conduct a chain swap to the blockchain Ethereum. The process consists of moving cryptocurrencies from one blockchain to another.
In its official statement, the company said that it will organize today the withdrawal of a considerable portion of its cold wallet assets on various blockchains to native USDT of the Ethereum ecosystem with a well-known third-party exchange.
“Within hours, Tether will coordinate with a prominent third-party exchange to perform a chain swap, converting a portion of its $USDt cold wallets from different blockchains to $USDt in ETH,” he wrote.
According to release Tether’s total supply of USDT will not change during this process.
“Breakdown (may be subject to change): – Swap TRC20 1B USDT to ETH – Swap AVAX (C) 600M USDT to ETH – Swap NEAR 300M USDT to ETH – Swap CELO 75M USDT to ETH – Swap EOS 60M USDT to ETH,” he explained.
Chain Swaps
One of the chain exchange is a process that moves cryptocurrencies from one blockchain to another. As Tether highlighted, this process allows traders to gain access to the various blockchains that support the cryptocurrency they hold, thus enabling them to use their digital assets on those other supporting blockchains.
“For example, like Tether (USD₮) is on Ethereum, Tron, Solana, Liquid, and many more blockchains. Our clients can gain access to any of these networks with their USD₮ holdings. A trader can “swap” the current blockchain their USD₮ is trading on to another supporting blockchain, for example from Tron to Ethereum.”
At the time of publication, Tether’s price was trading at $1,00, up 0.2% over the past 24 hours. USDT is the third-largest cryptocurrency on the market, behind only Bitcoin and Ethereum, and currently has a market cap of $121 billion.
