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Tether Enables Binance To Convert 3B USDT From Tron To Ethereum By Benzinga

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© Reuters. Tether Enables Binance To Convert 3B USDT From Tron To Ethereum

Benzinga – revealed it helped cryptocurrency exchange Binance with a “chain swap” in which 3 billion (CRYPTO: USDT) will be transferred from the Tron network to the network.

“In a few minutes, Tether will coordinate with Binance to perform a chain swap, converting from Tron to Ethereum ERC20, for 3B USDT. The tether total supply will not change during this process,” Tether stated.

In this case, a chain swap from the Tron network to the Ethereum network will be carried out by Tether

The Tether-issued USDT token is used to simplify trading operations on cryptocurrency exchanges like Binance. It is distributed on Ethereum (CRYPTO: ETH), Tron (CRYPTO: TRX), and other blockchain networks.

Also read: CFTC Files Lawsuits Against Bankman-Fried, FTX And Alameda

Adjusting Reserves
The transaction is a part of Binance’s attempts to shift USDT balances from its cold wallets on Tron to Ethereum, according to Tether CTO Paolo Ardoino.

Here, Binance will transfer 3 billion USDT to Tether’s Tron treasury account from its Tron wallet.

A similar amount of USDT Binance ERC20 cold wallets on Ethereum are then sent back by Tether.

“Likely Binance has mostly USDT-on-Tron in its cold wallets and might want to rebalance its cold wallet, moving part of its Tether reserves to USDT-on-Ethereum,” Ardoino said.

Due to insufficient platform reserves, Binance temporarily halted processing withdrawals of another stablecoin, USDC, earlier today Binance CEO Changpeng Zhao revealed.

Next: JPMorgan (NYSE:) – Crypto Market Exhibits Herd-Like Behavior After Investors Bought The Top

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga



Read More: Tether Enables Binance To Convert 3B USDT From Tron To Ethereum By Benzinga

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