CandleFocus Tether moves USDT from smaller chains to Ethereum version in planned chain swap
2024-11-06
Author: Content Editor
Tether, the issuer of the USDT stablecoin, plans to retire USDT tokens from several low-activity chains and consolidate them on Ethereum. The largest transfer will be 1 billion TRON-based USDT tokens, which will be moved to Ethereum. Other chains affected include Avalanche, NEAR, CELO, and EOS. Tether allows chain swaps at the request of big clients and may retain tokens as authorized but not issued in case demand returns. The outflow of USDT from chains like AVAX, NEAR, and CELO may indicate demand for those networks. Tether currently maintains a supply of 120.4 billion USDT and is the main source of liquidity for centralized and decentralized markets. During a recent Bitcoin rally, USDT saw significant trading volumes. Stablecoins, including Tether, have expanded in 2021, benefitting from the bull market.
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