Tether Announces Plan to Transfer $1 Billion USDT

Stablecoin issuer Tether, in collaboration with a popular cryptocurrency exchange, has announced plans to conduct a 1 billion USDT chain swap. The process will move stablecoins from other blockchains to the Tron network to improve communication between supported chains.

Azcnews Tether Announces Plan To Transfer $1 Billion Usdt

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.

Tether Announcement On X
Tether Announcement On X

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.

Read more: Vitalik Continues to “Clear Out” Memecoins, Earning Nearly $1 Million

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.

(2 votes)

4.0/5

(2 votes)

Latest

Crypto Trader James Wynn Loses $99 Million In A Week

News | Altcoin | Editor Choice

Crypto Trader James Wynn Loses $99 Million in a Week

Crypto trader James Wynn lost $99 million in just one week due to failed Bitcoin bets, while another trader made $17 million by taking the opposite positions.

Most Ethereum Etf Investors Deep In The Red

News | Altcoin | Editor Choice

Most Ethereum ETF Investors Deep in the Red

Most investors in BlackRock and Fidelity’s Ethereum ETFs are suffering heavy losses as Ether’s price falls well below their entry levels, amid volatility driven by former President Trump’s trade policies.

Trading Volume On Pancakeswap Reaches $138 Billion, Surpassing Uniswap

Altcoin | Editor Choice

Trading Volume on PancakeSwap Reaches $138 Billion, Surpassing Uniswap

Thanks to strong support from CZ and Binance exchange, PancakeSwap's trading volume in May reached $138 billion, far surpassing Uniswap.

Deepseek Unveils Upgraded Ai Model, Claims Performance On Par With Chatgpt And Gemini

News | AI | Editor Choice

DeepSeek Unveils Upgraded AI Model, Claims Performance on Par with ChatGPT and Gemini

DeepSeek, a leading AI company in China, has unveiled a powerful new model with advanced reasoning capabilities, claiming performance on par with ChatGPT and Gemini, further intensifying the global AI race.

Sec Officially Withdraws Lawsuit Against Binance And Cz

Editor Choice | Policy & Regulations

SEC Officially Withdraws Lawsuit Against Binance and CZ

The SEC has officially withdrawn its lawsuit against Binance and CZ, concluding the final legal actions by the SEC targeting cryptocurrency.