Details of the Tether USDT Chain Swap to the Tron Network
On January 6, Tether announced on its X account that it is partnering with a leading third-party exchange to move 1 billion USDT. The swap will involve moving a portion of stablecoins held in cold wallets to the Tron blockchain.
Currently, Tether’s USDT stablecoin is available on multiple blockchains, including Ethereum, Solana, and Tron. Tether emphasized that the process will not change the total supply of USDT but will ensure that liquidity is optimized across different networks. This mechanism allows traders and users to leverage their assets on any blockchain the crypto company supports.
In addition, Tether recently joined the trend of increasing its Bitcoin reserves by adding 7,629 BTC worth $705.25 million. The Bitcoin, transferred from Bitfinex after nine months of inactivity, brings Tether’s total holdings to 82,983 BTC. The assets, originally purchased for $2.99 billion, are now worth $7.68 billion, demonstrating the company’s growing Bitcoin strategy.
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USDT’s Dominance in the Stablecoin Market
USDT continues to maintain its leading position in the stablecoin market with a capitalization of over $137 billion. USDT’s main applications focus on payment systems, trading, and cross-border remittances. The stablecoin recorded a 24-hour trading volume of $107 billion, up 69% from the previous day.
Meanwhile, the second most popular stablecoin, USDC, has a market capitalization of $45.8 billion and a daily trading volume of $7.7 billion. However, the stability of USDT, which is pegged to the US dollar, has made it an indispensable tool for traders in the cryptocurrency market.
