Tether Announces Chain Change from Tron to Ethereum ERC20 with Binance
On March 4, Tether said that Tether would coordinate with Binance to change the chain from Tron to Ethereum ERC20, involving 1.6 billion USDTs. In this process…
On March 4, Tether said that Tether would coordinate with Binance to change the chain from Tron to Ethereum ERC20, involving 1.6 billion USDTs. In this process, Tether’s total supply will not change.
Tether will exchange 1.6 billion USDTs with Binance
Interpretation of the news:
Tether recently announced that it would be changing its chain from Tron to Ethereum ERC20, in collaboration with Binance. This change involves 1.6 billion USDTs, but the total supply of Tether will not be affected.
The move comes as Tether aims to increase the efficiency and security of its operations. The company believes that the Ethereum ERC20 chain is better suited for the USDT currency than the Tron blockchain. Tether has also worked with Binance to ensure the smoothest possible transition to the new chain.
The change in chain will not affect the total supply of Tether, which will remain at 50 billion USDT. Tether is the most widely used stablecoin in the world, with a market cap of over $34 billion. Stablecoins are cryptocurrencies that are pegged to the value of a stable asset, such as the US dollar, to provide a stable store of value in the volatile cryptocurrency market.
The move to the Ethereum ERC20 chain will allow Tether to take advantage of the secure and mature infrastructure provided by the Ethereum blockchain. The ERC20 standard is widely adopted and interoperable with many other projects and platforms, which makes it easier for Tether to integrate with other blockchain-based applications in the future.
Binance, one of the world’s largest cryptocurrency exchanges, will support the transition to the Ethereum ERC20 chain by facilitating the swap of Tron-based USDT to Ethereum-based USDT. This process will be conducted automatically for users who hold Tether on the Binance platform, and they will not need to take any action.
In conclusion, Tether’s decision to change its chain from Tron to Ethereum ERC20 is a significant move that will increase the efficiency and security of the company’s operations. The collaboration with Binance ensures a smooth transition for users, and the move to the Ethereum blockchain provides Tether with access to a more mature infrastructure and a widely adopted standard.
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