On November 6, stablecoin issuer Tether made a major announcement about a cross-chain swap. The company moved over 2 billion USDt from different blockchain networks to the Ethereum network.
Out of this, 1 billion USDt was swapped from the Tron network, 600 million USDt was transferred from the Avalanche C-Chain, 300 million USDt came from the Near Protocol, and an additional 60 million USDt from the EOS network was also swapped to Ethereum.
According to Tether, this swap was requested by a large exchange to transfer their USDt holdings from cold wallets to the Ethereum blockchain.
Tether reassured investors that this swap would not affect the total supply of USDt.
