Advertisement
AD

Main navigation

Tether Continues to Abandon Tron by Converting 500 Mln USDT to Ethereum

Advertisement
Mon, 10/08/2020 - 14:21
Tether Continues to Abandon Tron by Converting 500 Mln USDT to Ethereum
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Advertisement

On Aug. 10, Tetherthe leading stablecoin issuerannounced a chain swap of 500 mln USDT tokens from Tron to Ethereum.

As usual, the total circulating supply of USDT will remain unchanged since half a billion tokens will simply be transferred from one blockchain to another.

In few hours Tether will coordinate with a 3rd party to perform two chain swaps (conversion from Tron to ERC20 protocol) for 500M USDt.

The second-largest version of USDT

Tether announced support for the Tron blockchain and its TRC-20 technical standard back in May 2019.

Advertisement

The new version quickly gained traction, securing 12 percent of Tether’s total circulating supply in five months.
   
As reported by U.Today, Tron CEO Justin Sun predicted that the Tron-based USDT would end up becoming the dominant fiat-pegged cryptocurrency.

In May, Tron became the second-largest stablecoin and the TRC-20 token minted by Tether became the second-largest stablecoin, surpassing the original USDT issued on the Bitcoin-based Omni Layer Protocol that has been abandoned due to slow and costly transactions.

According to Tron’s transparency page, Tron still accounts for 32.91 percent of USDT's $11.86 bln supply.

Article image
Image by wallet.tether.to

Related

Justin Sun launches Tether competitor

Paolo Ardoino, CEO of the stablecoin issuer and its affiliated cryptocurrency exchange Bitfinex, did not specify the precise reason behind the swap, but it seems apparent that Tether is gradually bailing out on Tron.

Tron CEO Justin Sun, who would routinely post new milestones of the TRC-20 version of Tether, has also been silent on the matter. He conducted the IEO of his dollar-backed JUST stablecoin in May.

Given that another 300 mln worth of Tron-based USDT migrated to Ethereum last month, the most recent swap is not trivial.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD