Altcoin News

$1 Billion USDT Chain-Swaps show us where users’ interest is

USDT by Tether

USDT is the most popular dollar-pegged stablecoin today in the cryptocurrency sphere. It facilitates locking in dollar-value by removing exposure to the  volatile crypto-market using a digitized version of the US dollar but issued by a corporation. This innovation originally helped many exchanges skip the KYC process and has since become very popular especially when it comes to transferring value from one venue to another.

Ethereum, Omni, Algorand, Tron, OMG, EOS and Liquid

In the title, all of the current blockchains with circulating USDT tokens are listed. The most popular one being Ethereum and the most recently added one being OMG network. This helps users interact with smart contracts and the networks overall using a dollar-pegged stablecoin.

The $1B Swap

Tether currently has about $13 billion in circulating supply deployed on different networks. They’ve recently announced that they are coordinating a $1 billion chain-swap from Tron to Ethereum. Switching a significant part of their supply from TRC-20 to ERC-20 tokens. This move is mainly due to the users needing more USDT on the Etheruem blockchain where all of the DeFi activity is currently taking place and a lot of new wealth is being generated. This may be surprising to some as Ethereum’s fees has been sky-rocketing however it remains the most popular smart-contracts platform today and remains on top of this world.

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