Tether converts 1 billion USDT from the Solana chain to Ethereum

Last updated: 01/04/2023 3:55 PM

1 Min Read

On the evening of 11/18 , Tether stated that it will cooperate with a third party to transfer 1 billion USDT from the Solana chain to Ethereum. The total amount of USDT will remain unchanged, but the number of each chain will increase or decrease. But did not say why.

In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Solana to Ethereum ERC20, for 1B USDt. The #tether total supply will not change during this process.
Learn more about chain swaps ⬇️https://t.co/abfgnELSvi
— Tether (@tether) November 18, 2022

The Solana Foundation released a network status report in the early hours of 11/19 , stating that it was not affected by the FTX incident. Increased TPS, reduced block times, promises of more transparency, and more applications currently using the chain.

1/ Many community members have inquired about the health of the network in the wake of FTX's collapse.

The @Solana Foundation is committed to transparency and gathered a few key metrics on the network's performance through this period of volatility. 🧵https://t.co/tgp4IM2qPA
— Solana Foundation (@SolanaFndn) November 18, 2022

A few days ago, Binance suspended the deposit of USDT and USDC on the Solana chain, and then only USDT resumed the deposit .

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