Tron Loses 23% of Its $4.3B USDT Reserves to DeFi Hotbed Ethereum
A "3rd party" crypto exchange ordered the swap. Signs point to Binance.
Updated Sep 14, 2021 at 9:46 a.m. UTC
Stablecoin issuer Tether shifted 1 billion in USDT from the Tron blockchain to the Ethereum blockchain in an early morning chain swap Thursday.
- It also pumps up Ethereum's reserves, where well over half of the nearly $13 billion circulating USDT already reside. Ethereum is a hotbed for decentralized finance projects and as such a popular spot for USDT.
- Tether has played a notable role in the Ethereum blockchain's recent congestion, according to Decrypt.
- Big-dollar USDT transfers and billion-token burns spotted by the exchange-tracking Twitter account Whale Alert suggest that Binance may be the third party that ordered the swap.