{"id":537838,"date":"2023-06-14T10:04:08","date_gmt":"2023-06-14T10:04:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=537838"},"modified":"2023-06-14T10:04:08","modified_gmt":"2023-06-14T10:04:08","slug":"tether-shuffles-the-deck-750-million-usdt-shifted-from-tron-to-ethereum","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/tether-shuffles-the-deck-750-million-usdt-shifted-from-tron-to-ethereum\/","title":{"rendered":"Tether Shuffles The Deck: 750 Million USDT Shifted From Tron To Ethereum"},"content":{"rendered":"

The company behind the issue of USDT stablecoin, Tether Holdings, has announced that it will work with a third-party exchange to convert<\/a> 750 million USDT from Tron to Ethereum ERC20 via a chain swap.<\/p>\n

With a current market valuation\u00a0of $83.37 billion, USDT is by far the most valuable stablecoin in existence. Stablecoin use has soared over the last few years, and Tether has been working hard to diversify its reserve holdings in response to the growing need for trust in the network.<\/p>\n

Related Reading: XRP Smothered In Red Despite Massive Whale Accumulation, Hinman Docs Release<\/a><\/div>\n

To maintain the liquidity of the stablecoin, cryptocurrency exchange Binance said through Twitter on Monday that it will arrange a swap of 750 million Tether-Tron token pairs for Tether-Ether. Tether has assured that the overall supply of USDT will not increase or decrease as a result of this.<\/p>\n

\n

After 12pm UTC today, #Binance<\/a> will be swapping 750M USDT-TRX for USDT-ETH directly with the Tether team to ensure stablecoin liquidity across all chains for our users.<\/p>\n

If you see any significant movements of USDT from our wallets today, that’s why.<\/p>\n

Funds are SAFU.<\/p>\n

\u2014 Binance (@binance) June 12, 2023<\/a><\/p><\/blockquote>\n

Tether Locks On 1:1 USD Anchor<\/strong><\/h2>\n

Tether, the most popular stablecoin, strives to keep a one-to-one exchange rate with the US dollar (USD)\u00a0at all times. This token swap will involve Tron, the ninth largest cryptocurrency by market cap at $6.3 billion, and Ether, the second largest cryptocurrency by market cap at $210 billion, after Bitcoin.<\/p>\n

By exchanging bitcoin from one blockchain to another, or “swapping chains,” investors can get access to all of the blockchains that back the digital money they possess. Their digital assets can be used on other blockchains that support them.<\/p>\n

Related Reading: Solana Price Plunges Below March Low \u2013 Could It Drop Further?<\/a><\/div>\n

The move to rebalance the liquidity base of USDT on Ethereum by shifting from the region of surplus to the region of scarcity remains the most reasonable explanation of the various theories being put forward as to why the USDT is being switched.<\/p>\n

Meanwhile, the heightened regulatory scrutiny of Binance has been detrimental to the exchange, prompting this strategic shift. Binance is now engaged in litigation with the US Securities and Exchange Commission, highlighting the importance of taking preventative action in light of the current regulatory environment.<\/p>\n

<\/p>\n

ETH market cap currently at $210 billion. Chart: TradingView.com<\/a><\/pre>\n
Restocking The Ethereum Network Inventory<\/strong><\/h2>\n
Binance, its CEO Changpeng Zhao, and Binance.US were all named in a lawsuit brought by the SEC last week. Binance has been accused of engaging in alleged\u00a0deceptive activities, manipulating trading volumes, diverting user funds, and keeping the identity of those in control of the company in the United States a secret.<\/p>\n
Tether re-minted $1 billion in USDT on the Ethereum blockchain on Monday, prompting the swap. Tether’s CTO Paolo Ardoino tweeted that the recent $1 billion mint was part of the company’s effort to restock its Ethereum Network storage.<\/p>\n
In a related development, as of March, both the Tron Foundation and its creator, Justin Sun, were hit with fraud charges by\u00a0the SEC. As a result, Binance USA announced that it will be pulling the digital asset token tron from its exchange.<\/p>\n
At the time of writing, Ether (ETH was trading at $1,744, down 6.33% in the last seven days, data from crypto market tracker CoinMarkeCap<\/a> shows. Tether (USDT), on the other hand, is painted in red, and trading at $0.99.<\/p>\n
\"\"<\/p>\n
\"\"<\/p>\n
Source: CoinMarketCap<\/pre>\n
Featured image from The Cryptonomist<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The company behind the issue of USDT stablecoin, Tether Holdings, has announced that it will work with a third-party exchange to convert 750 million USDT from Tron to Ethereum ERC20 via a chain swap. With a current market valuation\u00a0of $83.37 billion, USDT is by far the most valuable stablecoin in existence. Stablecoin use has soared over the last few years, and Tether has been working hard to diversify its reserve holdings in response to the growing need for trust in the network. Related Reading: XRP Smothered In Red Despite Massive Whale Accumulation, Hinman Docs Release To maintain the liquidity of the stablecoin, cryptocurrency exchange Binance said through Twitter on Monday that it will arrange a swap of 750 million Tether-Tron token pairs for Tether-Ether. Tether has assured that the overall supply of USDT will not increase or decrease as a result of this. After 12pm UTC today, #Binance will be swapping 750M USDT-TRX for USDT-ETH directly with the Tether team to ensure stablecoin liquidity across all chains for our users. If you see any significant movements of USDT from our wallets today, that’s why. Funds are SAFU. \u2014 Binance (@binance) June 12, 2023 Tether Locks On 1:1 USD Anchor Tether, the most popular stablecoin, strives to keep a one-to-one exchange rate with the US dollar (USD)\u00a0at all times. This token swap will involve Tron, the ninth largest cryptocurrency by market cap at $6.3 billion, and Ether, the second largest cryptocurrency by market cap at $210 billion, after Bitcoin. By exchanging bitcoin from one blockchain to another, or “swapping chains,” investors can get access to all of the blockchains that back the digital money they possess. Their digital assets can be used on other blockchains that support them. Related Reading: Solana Price Plunges Below March Low \u2013 Could It Drop Further? The move to rebalance the liquidity base of USDT on Ethereum by shifting from the region of surplus to the region of scarcity remains the most reasonable explanation of the various theories being put forward as to why the USDT is being switched. Meanwhile, the heightened regulatory scrutiny of Binance has been detrimental to the exchange, prompting this strategic shift. Binance is now engaged in litigation with the US Securities and Exchange Commission, highlighting the importance of taking preventative action in light of the current regulatory environment. ETH market cap currently at $210 billion. Chart: TradingView.com Restocking The Ethereum Network Inventory Binance, its CEO Changpeng Zhao, and Binance.US were all named in a lawsuit brought by the SEC last week. Binance has been accused of engaging in alleged\u00a0deceptive activities, manipulating trading volumes, diverting user funds, and keeping the identity of those in control of the company in the United States a secret. Tether re-minted $1 billion in USDT on the Ethereum blockchain on Monday, prompting the swap. Tether’s CTO Paolo Ardoino tweeted that the recent $1 billion mint was part of the company’s effort to restock its Ethereum Network storage. In a related development, as of March, both the Tron Foundation and its creator, Justin Sun, were hit with fraud charges by\u00a0the SEC. As a result, Binance USA announced that it will be pulling the digital asset token tron from its exchange. At the time of writing, Ether (ETH was trading at $1,744, down 6.33% in the last seven days, data from crypto market tracker CoinMarkeCap shows. Tether (USDT), on the other hand, is painted in red, and trading at $0.99. Source: CoinMarketCap Featured image from The Cryptonomist<\/p>\n","protected":false},"author":557,"featured_media":537849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,1946,11164,4100,11808,10263],"class_list":["post-537838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-ethereum","tag-stablecoin","tag-tether","tag-tron","tag-usdt"],"acf":[],"yoast_head":"\nTether Shuffles: 750 Million USDT Shifted From Tron To Ethereum<\/title>\n<meta name=\"description\" content=\"The company behind the issue of USDT stablecoin, Tether Holdings, has announced that it will work with a third-party exchange to convert 750 million USDT\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Tether Shuffles The Deck: 750 Million USDT Shifted From Tron To Ethereum","url":"http:\/\/uniquehot.com\/news\/tether-shuffles-the-deck-750-million-usdt-shifted-from-tron-to-ethereum\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/tether-shuffles-the-deck-750-million-usdt-shifted-from-tron-to-ethereum\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/a-81.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/a-81.png?fit=758%2C465"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","stablecoin","tether","tron","usdt"],"dateCreated":"2023-06-14T10:04:08Z","datePublished":"2023-06-14T10:04:08Z","dateModified":"2023-06-14T10:04:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Tether Shuffles The Deck: 750 Million USDT Shifted From Tron To Ethereum\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/tether-shuffles-the-deck-750-million-usdt-shifted-from-tron-to-ethereum\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/tether-shuffles-the-deck-750-million-usdt-shifted-from-tron-to-ethereum\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/a-81.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/a-81.png?fit=758%2C465\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"stablecoin\",\"tether\",\"tron\",\"usdt\"],\"dateCreated\":\"2023-06-14T10:04:08Z\",\"datePublished\":\"2023-06-14T10:04:08Z\",\"dateModified\":\"2023-06-14T10:04:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/a-81.png?fit=758%2C465","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/537838"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=537838"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/537838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/537849"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=537838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=537838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=537838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}