"Relax everyone, the process will not affect the supply of USDT."
In order to convert 750 million USDT from Tron (TRX) to Ethereum (ETH) ERC2, Tether will coordinate a third-party exchange to conduct an on-chain exchange without changing the total supply of USDT.
The chain exchange process involves transferring crypto from one blockchain to another blockchain, where traders can gain access to the various blockchains that support their digital assets.
According to Paolo Ardoino, Tether's Chief Technology Officer (CTO) said the move was implemented after it released a new $1 billion USDT mint on the ETH blockchain and the latest multi-billion dollar mint is part of the company's inventory replenishment on the ETH Network.
In addition to being widely used to conduct trades on crypto exchanges, USDT also increased its dominance significantly as investors fled to the stablecoin over other digital assets after the banking crisis erupted.
Please be informed that one of the factors that caused the circulation of USDT to reach more than $83 billion this week was the follow-up of its rival TrueUSD (TUSD).
In fact, the dwindling investor confidence in the USDC stablecoin founded by Circle is also the reason why crypto market players are starting to switch to USDT.
Last month, Tether not only announced that it would expand its services in Georgia through an investment in a payment processing company called CityPay.io but also wanted to launch a Bitcoin (BTC) mining operation in Uruguay.
As of this writing, the price of USDT has plunged by 0.01% to $0.99 in the last 24 hours with a market cap of $83 billion further recording a 0.04% decline over the past week.
