ETH有希望了？Tether announced a chain exchange plan, moving 2 billion USDT to Ethereum

Adjust strategy, shifting focus of $USDT supply to Ethereum

Tether, the world's largest stablecoin issuer, announced yesterday (11/6) that it will carry out a large-scale Cross-Chain Interaction exchange plan to transfer over $2 billion worth of USDT from multiple blockchains to Ethereum. This move is in response to changes in market demand and aims to optimize the liquidity and asset management of USDT.

This exchange involves transferring 1 billion $USDT from the TRON network to Ethereum, as well as transferring 600 million $USDT from Avalanche's C-Chain network, 300 million from the NEAR protocol, 75 million from CELO, and 60 million from EOS. These transfers are to meet the needs of a large unnamed exchange and consolidate its $USDT assets in the Ethereum network.

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Source: X Tether announced that it will carry out a large-scale Cross-Chain Interaction exchange program.

Stablecoin market turmoil, Tether responds actively

There have been rumors about Tether recently, with media reports claiming that the US government is investigating Tether for alleged money laundering and violations of sanctions, leading to a temporary fluctuation in the encryption currency market. To alleviate market concerns, Tether CEO Paolo Ardoino clarified that the company's asset reserves are robust, including approximately $100 billion in US Treasury bonds, 82,000 BTC (worth about $6.2 billion), and 48 tons of gold.

Tether's chain exchange plan aims to enhance the liquidity and market response speed of $USDT. Paolo Ardoino stated that this will not affect the total supply of $USDT, but rather rebalance assets between different blockchains based on market demand. He emphasized that this is a normal operating procedure, and the company regularly carries out such adjustments to optimize asset allocation.

Expert interpretation: Market demand-oriented, Tether maintains a stable position

Industry analysts pointed out that Tether's large-scale chain exchange plan reflects the growing demand for $USDT on the Ether network. At the same time, it also shows a drop in the activity of $USDT on other blockchains such as Avalanche, NEAR, CELO, and EOS. This may be due to a drop in user activity on these blockchains or exchanges and large holders wishing to consolidate assets to improve trading efficiency.

It is worth noting that $USDT is still the leader in the stablecoin market, with a market capitalization of $120 billion in October and active trading activity. According to Chainalysis data, many people now see stablecoins as a store of value, especially in countries where the local currency is depreciating.

The chain exchange plan further consolidates Tether's leading position in the cryptocurrency market and alleviates market concerns about its stability. Experts expect that as the market continues to develop, Tether will continue to adjust its asset allocation according to demand to maintain sensitivity and adaptability to the market.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are applicable to their specific situation. Investment based on this article is at your own risk.