Tether Sends Another $300 Million to Ethereum Through Binance

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Summary

Shortly after, Binance sent to Tether’s “treasury” 300 million omni based USDT. That was followed by Tether minting 300 million ERC20 USDTs which were sent to Binance. ℹ️ This USDT mint is part of a swap. Tether has transferred another $300 million worth of USDT from the bitcoin based Omni layer to ethereum. “Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. The corresponding burn on Omni has not taken place yet. — Whale Alert (@whale_alert) September 12, 2019That has increased eth based USDT to about $2 billion, around the same amount as on Omni once the 300 million is burned. Tether stats, Sep 2019This increased usage of ethereum’s blockchain by USDT tokens has led to congestion due to limited capacity. It now so moving to become the dominant chain for Tether.

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Tether has transferred another $300 million worth of USDT from the bitcoin based Omni layer to ethereum.

“Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process,” they said.

Shortly after, Binance sent to Tether’s “treasury” 300 million omni based USDT. That was followed by Tether minting 300 million ERC20 USDTs which were sent to Binance.

ℹ️ This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.

— Whale Alert (@whale_alert) September 12, 2019

That has increased eth based USDT to about $2 billion, around the same amount as on Omni once the 300 million is burned.

That’s up considerably from...

Read the full article @ TrustNodes