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News

Tether Coordinates With Huobi Amid FUD About TRC20

January 13, 2023 - Around 3 mins mins to read

Key Points:

  • Tether announced coordination with Justin Sun’s Huobi exchange to perform a chain swap, converting from Ethereum ERC20 to TRON TRC20.
  • TRC20 USDT did not meet the anti-money laundering requirements of tools such as Chainalysis, so it was rejected by institutions and relatively compliant OTC merchants.
On January 13, 2023, Tether announced to coordinate with Justin Sun’s Huobi exchange to perform a chain swap, converting from Ethereum ERC20 to TRON TRC20, amidst some FUD about TRC20 in the Chinese market.
Tether Coordinates With Huobi Amid FUD About TRC20

The story has begun when Wu Blockchain reported on January 12 that some OTC merchants in the Chinese market said that they no longer accept TRC20 USDT, and need users to go to the exchange to exchange for ERC20 USDT before trading.

As a result, the Tether team released on Twitter that Tether announced coordination with the Huobi exchange, converting from Ethereum ERC20 to TRON TRC20 and during the process of coordinating, the total supply of Tether will not change.

Right after the statement was made public on social media, Whale Alert reported that $399,999,990 USDT was transferred from Huobi to Tether Treasury.

However, the story has not been done yet, in particular, Wu Blockchain yesterday reported that the TRC20 refusal of Chinese OTC merchants was suspected to be related to the Justin Sun and TRON FUD spread by the community.

As Wu Blockchain explained in the thread of the situation above, the reason why OTC merchants refused to accept TRC20 USDT is that it did not meet the anti-money laundering requirements of tools such as Chainalysis, so it was rejected by institutions and relatively compliant OTC merchants.

Matrixport, founded by Jihan Wu, has suspended the deposit and withdrawal of TRC20 USDT since the 9th, and there is no announcement until now.

Tether Coordinates With Huobi Amid FUD About TRC20

Coincu reported on January 12 that the cryptocurrency exchange Huobi would delist the following 33 tokens: ABT, ATP, APN, AST, DIE, DHT, DFA, EDEN, GEAR, HC, INDI, IOI, INV, IRIS, GCOIN, GOF, KMA, MTA, NAS, OPUL, PEARL, PRIMATE, QASH, SMT, SLC, SKU, SOC, TALK, and the notice will take effect on January 16.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

ERC20

Huobi

Huobi Global

Huobi token

Tether

Tethers

trc20

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Tether Coordinates With Huobi Amid FUD About TRC20

Key Points:

  • Tether announced coordination with Justin Sun’s Huobi exchange to perform a chain swap, converting from Ethereum ERC20 to TRON TRC20.
  • TRC20 USDT did not meet the anti-money laundering requirements of tools such as Chainalysis, so it was rejected by institutions and relatively compliant OTC merchants.
On January 13, 2023, Tether announced to coordinate with Justin Sun’s Huobi exchange to perform a chain swap, converting from Ethereum ERC20 to TRON TRC20, amidst some FUD about TRC20 in the Chinese market.
Tether Coordinates With Huobi Amid FUD About TRC20

The story has begun when Wu Blockchain reported on January 12 that some OTC merchants in the Chinese market said that they no longer accept TRC20 USDT, and need users to go to the exchange to exchange for ERC20 USDT before trading.

As a result, the Tether team released on Twitter that Tether announced coordination with the Huobi exchange, converting from Ethereum ERC20 to TRON TRC20 and during the process of coordinating, the total supply of Tether will not change.

Right after the statement was made public on social media, Whale Alert reported that $399,999,990 USDT was transferred from Huobi to Tether Treasury.

However, the story has not been done yet, in particular, Wu Blockchain yesterday reported that the TRC20 refusal of Chinese OTC merchants was suspected to be related to the Justin Sun and TRON FUD spread by the community.

As Wu Blockchain explained in the thread of the situation above, the reason why OTC merchants refused to accept TRC20 USDT is that it did not meet the anti-money laundering requirements of tools such as Chainalysis, so it was rejected by institutions and relatively compliant OTC merchants.

Matrixport, founded by Jihan Wu, has suspended the deposit and withdrawal of TRC20 USDT since the 9th, and there is no announcement until now.

Tether Coordinates With Huobi Amid FUD About TRC20

Coincu reported on January 12 that the cryptocurrency exchange Huobi would delist the following 33 tokens: ABT, ATP, APN, AST, DIE, DHT, DFA, EDEN, GEAR, HC, INDI, IOI, INV, IRIS, GCOIN, GOF, KMA, MTA, NAS, OPUL, PEARL, PRIMATE, QASH, SMT, SLC, SKU, SOC, TALK, and the notice will take effect on January 16.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

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