Tether Transfers 1 Billion USDT From Solana To Ethereum
The USDT stablecoin’s issuer, Tether, said that it was transferring 1 billion USDT from Solana to Ethereum through a chain swap.
The news comes as Solana struggles as a result of the failure of the crypto exchange FTX. Although the chain swap will result in less USDT being in circulation overall on Solana, the stablecoin’s overall supply will remain unchanged, according to the company.
Binance stopped accepting USDC and USDT deposits from Solana earlier this week, but they have started again. Following the delisting of USDC and USDT on Solana, OKX, which also ceased taking deposits and withdrawals, this notice was made.
Tether then also spoke out about the issue of its USDT being stopped from trading with crypto exchanges.
FTX, once one of the largest exchanges, has strong ties to Solana. The business has made significant investments in several crypto projects associated with Solana and played a key role in creating Serum, Solana’s main decentralized exchange and DeFi liquidity provider.
The Solana Foundation claims in a blog post on Friday that the network had handled more complex transactions than normal but had held up well under pressure.
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