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TRX in Trouble? Binance Moves $300M Tether From Tron to Ethereum

Published 07/02/2020, 12:27 PM
Updated 07/02/2020, 02:00 PM
TRX in Trouble? Binance Moves $300M Tether From Tron to Ethereum
ETH/USD
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On June 29, Tether announced a sizable swap of USDT from the Tron blockchain to the Ethereum protocol. Tether explained that the amount of USDT in circulation would remain the same, meaning that USDT (TRC-20) will be burned and the same number of tokens will be issued on Ethereum.

Tether makes use of several blockchains to host the circulating supply of USDT, which allows users to bypass congestion in a certain chain if the need arises. This system also makes USDT use easier for users invested in a certain platform to continue transacting in USDT and makes the stablecoin somewhat of a platform-agnostic project.

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