A leading third-party cryptocurrency platform, along with Tether, has disclosed plans for a blockchain transfer, aiming to shift approximately $1 billion of USDT tokens from various networks onto the Tron platform.
January 6th, Tether, the stablecoin issuer, announced its intention to collaborate with a significant cryptocurrency exchange for facilitating the process of swapping chains.
As stated in the announcement, there will be a process where Tether and the exchange will transfer some of their stored Tether (USDT) from cold wallets onto the Tron (TRX) network. This USDT is currently located on various blockchain platforms, but it will be exchanged to TRX.
On various platforms such as Ethereum, Tron, and Solana, you can find Tether’s USDT. It’s worth noting that swapping between these blockchains won’t affect the overall amount of USDT in circulation.
Chain swaps involve the movement of crypto from one blockchain to another.
This tool plays a crucial role in the trading market since it allows traders to utilize their digital assets across various blockchain networks that it supports. Tether’s primary stablecoin is a significant force within the crypto sector, with billions of dollars exchanged daily as users leverage it for payments, trading, and cross-border transactions.
USDT (Tether) users can conduct transactions free from the significant volatility that typically defines the cryptocurrency market.
As a researcher examining the digital currency landscape, I find that a prominent player in the field is the stablecoin, which maintains a fixed value equivalent to one U.S. dollar. This particular stablecoin leads the sector, boasting a substantial market capitalization of over $137 billion. Following closely behind is Circle’s USDC, standing as the second largest stablecoin with a market cap of approximately $45.8 billion.
According to recent figures, Tether’s daily trading volume is approximately $102.5 billion, marking a significant 61% rise over the past day. On the other hand, USDC’s trading volume hovers around $7.1 billion, reflecting an impressive 80% increase within the same timeframe.
Even though Tether remains dominant in the stablecoin sector in terms of market share, its market capitalization has taken a hit following the complete implementation of the European Union’s Markets in Crypto-Assets regulations in December.
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2025-01-06 21:38