Tether Announces USDT Conversion Across Blockchains

According to PANews, Tether, a prominent stablecoin issuer, has announced plans to coordinate with a well-known third-party exchange to convert a portion of its USDT holdings from various blockchains to the Ethereum blockchain. This conversion process is expected to occur within a few hours, and Tether has assured that the total supply of USDT will remain unchanged throughout the transition. The specific allocation for this conversion includes 1 billion USDT from the TRC20 blockchain, 600 million USDT from the AVAX (C) blockchain, 300 million USDT from the NEAR blockchain, 75 million USDT from the CELO blockchain, and 60 million USDT from the EOS blockchain. These amounts will be converted to USDT on the Ethereum blockchain. Tether has noted that these allocations may be subject to change as the conversion process unfolds.