Tether Moves Over $1 Bln From Tron To Ethereum And Avalanche
Tether (USDT) has announced that it is coordinating a chain swap to transfer USDT assets from TRC20 Tron to the Ethereum and Avalanche blockchain. In a tweet, Tether announced that $1 bln will be moved from the Tron blockchain to Ethereum. An additional $20 mln will be converted into Avalanche. According to Tether, this will not change the total supply of the stablecoin.
The announcement comes amid fears of the stablecoin collapse following the recent fiasco of TerraUSD (UST) and Terra (LUNA). Apart from this, USDT also showed price fluctuations, dropping below $0.99 on many exchange platforms on May 12. As a result, many have raised concerns about the stablecoin showing signs of struggle.
Tether CTO Paolo ARDOINO assured traders that USDT is not like algorithmic stablecoins like UST. Tether has a strong, conservative and liquid portfolio of cash and cash equivalents, he said. Ardoino also noted that the ongoing FUD around stablecoins is becoming a source of income for some traders.
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