- Recent chain swap coordinated with major exchange moved USDT from various blockchains to Ethereum for better liquidity.
- USDT’s total supply remains stable, ensuring consistent availability across networks without increasing the overall market supply.
Paolo Ardoino, CEO of Tether, clarified recent on-chain data that indicated the minting of 2 billion USDT on Ethereum. He stated that this alert was delayed and related to a chain swap from various blockchains to Ethereum, facilitated by coordination with a prominent exchange.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 2,000,000,000 #USDT (1,998,650,000 USD) minted at Tether Treasury https://t.co/6igA3LiJdz
— Whale Alert (@whale_alert) November 6, 2024
This operation aimed to consolidate assets on Ethereum, enhancing liquidity and management efficiency without increasing the overall USDT supply.
Ardoino further explained that a chain swap is a procedural transfer of cryptocurrencies between blockchains. This maneuver allows users to access various networks, maintaining usability across diverse blockchain ecosystems. Tether’s operational strategy routinely involves such swaps to align with market demand and ensure the availability of USDT where it is most needed.
In few hours Tether will coordinate with a 3rd party prominent exchange to perform a chain swap, converting part of their $USDt cold wallets from different blockchains to $USDt on ETH.
The #tether $USDt total supply will not change during this process.Breakdown (might be… pic.twitter.com/z17oGcrl1x
— Tether (@Tether_to) November 6, 2024
He also mentioned that these transactions are part of Tether’s ongoing efforts to adapt to user preferences and market conditions. In the financial overview, Ardoino noted Tether’s significant profit in recent quarters, highlighting its operational stability and continued market presence.
Very very delayed notification.
Context:https://t.co/3Ps3qUxsBq— Paolo Ardoino 🤖🍐 (@paoloardoino) November 6, 2024
Despite these activities, Tether’s total supply remains stable, reinforcing its role as a key player in the stablecoin market. This approach ensures that Tether can continue to meet user demands across different blockchains while maintaining a consistent supply.
