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Tether Is Transferring Over $1 Billion In USDT From Tron To Ethereum And Avalanche

May 12, 2022
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Tron’s USDD Approaches $1 After Two Weeks Riding Around $0.92

Cardano’s Technical Architect At IOG Is Working On “Tsunami”

Tether (USDT) has announced that it is orchestrating a chain swap to transfer USDT assets from Tron’s TRC20 to Ethereum and Avalanche’s blockchain, in response to recent events in the stablecoin space.

Tether Is Transferring Over 1 Billion In USDT From Tron To Ethereum And Avalanche
Tether Is Transferring Over $1 Billion In USDT From Tron To Ethereum And Avalanche

Tether announced in a tweet that 1 billion USDT will be transferred from Tron’s blockchain to Ethereum

An additional 20 million USDT will be converted to Avalanche, on the other hand. Tether claims that this will have no effect on the stablecoin’s total supply.

In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and from Tron TRC20 to Avalanche, for 20M USDt. The #tether total supply will not change during this process.

— Tether (@Tether_to) May 12, 2022

After the recent TerraUSD (UST) and Terra (LUNA) debacles, there were fears of a stablecoin implosion. Apart from that, USDT fluctuated in price, falling below $0.99 cents on several trading platforms on May 12. As a result, many people are concerned that the most widely traded stablecoin is struggling.

Tether Is Transferring Over $1 Billion In USDT From Tron To Ethereum And Avalanche
Tether Is Transferring Over $1 Billion In USDT From Tron To Ethereum And Avalanche

Tether CTO Paolo Ardoino informed traders in USDT is not like algorithmic stablecoins like UST. Tether has a “strong, conservative, and liquid portfolio that consists of cash and cash equivalents,” according to Ardoino. Treasury bills, money market funds, and commercial paper are all examples of this.

Ardoino also pointed out that the ongoing FUD surrounding stablecoins is becoming a money-making stream to some traders. He explained that some firms are buying USDT below $1 on some exchanges and are redeeming it for above $1 on Bitfinex and the Tether website. 

FUD is making good money to few traders.
Seeing firms buying USDt < 1$ on kraken, sell it for >= 1$ on finex or redeeming on https://t.co/fB12xESSvB for 1$. https://t.co/cj9U7u28UC

— Paolo Ardoino (@paoloardoino) May 11, 2022

Do Kwon, the founder of Terra, recently revealed plans to reestablish the UST stablecoin peg. Before re-pegging UST, Kwon indicated that the first step will be to “absorb the stablecoin supply that wants to exit.”

As a result, Kwon voted to enhance the base pool of special drawing rights from 50 million to 100 million. In addition, Terra’s founder stated that PoolRecoveryBlock can be reduced from 36 to 18. According to Kwon, this will allow the system to “absorb UST more swiftly.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Tags: 1 billion USDTAvalancheBlockchainEthereumLUNAStablecoinTerraTerraUSDTethertrc20TRONUSDTUST
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