Amid the current market crash, $1 billion worth of USDT was transferred from Tether’s treasury to the Binance exchange.
— Whale Alert (@whale_alert) January 22, 2022
Twitter “Whale Alert” detected $1 billion worth of USDT being transferred from Tether Treasury to Binance, shortly after Tether was quick to explain what happened.
In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 2B USDt. The #tether total supply will not change during this process.
Learn more about chain swaps
https://t.co/abfgnELSvi
— Tether (@Tether_to) January 22, 2022
Tether states that it is coordinating with a third party to chain swap, converting from Tron TRC20 to Ethereum ERC20, so that Tether’s total supply has not changed during the process.
What this means is that Tether isn’t printing any new USDT, and it’s just a shift from Tron to Ethereum to Binance.
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