Tether Shifts Chain from Tron to Ethereum ERC20 in Partnership with Binance
On March 4, Tether said that Tether would coordinate with Binance to change the chain from Tron to Ethereum ERC20, involving 1.6 billion USDTs. In this process…
On March 4, Tether said that Tether would coordinate with Binance to change the chain from Tron to Ethereum ERC20, involving 1.6 billion USDTs. In this process, Tether’s total supply will not change.
Tether will exchange 1.6 billion USDTs with Binance
Interpretation of the news:
The latest buzz in the world of cryptocurrency is that Tether, a popular stablecoin, has announced its partnership with Binance, the world’s largest cryptocurrency exchange, to shift its chain from Tron to Ethereum ERC20. The move is expected to simplify USDT circulation and enhance its interoperability across various blockchain networks.
According to Tether’s official statement on March 4, this change will involve the transfer of 1.6 billion USDTs from Tron to the Ethereum network ERC20 protocol. This move is aimed at addressing the concerns raised by the crypto community regarding Tron’s dominance over USDT. Besides, it will provide more accessibility to USDT users worldwide. The move is expected to bring several benefits for the cryptocurrency holders, including faster transaction speed, lower costs, and increased transparency.
Notably, this shift will not affect Tether’s total supply, which stands at over $35 billion as of March 2021. Also, there will be no disruption in USDT’s daily operations, and all USDT holders will still have access to the same services and functionalities as they had before the transition.
The main reason behind this move is to make USDT more efficient and accessible to users, making it easier for them to trade and convert cryptocurrencies on different blockchain networks. By migrating to the Ethereum network, Tether will open up new possibilities for decentralized finance, which is gaining traction in the crypto space.
The partnership between Tether and Binance is a significant move in the crypto world, as they are two of the most influential players in the field. Binance’s extensive experience in trading and Tether’s market penetration will undoubtedly boost the adoption and growth of the cryptocurrency market.
To sum up, the partnership between Tether and Binance to migrate to the Ethereum ERC20 protocol is an important step towards making cryptocurrencies more accessible and efficient. The move will not only benefit USDT holders but also the entire crypto community, paving the way for future developments in decentralized finance.
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