Tether Announces Chain Migration to Ethereum ERC20 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
Interpret the above information:
Tether, the leading stablecoin issuer, has announced on March 4 that it has decided to coordinate with Binance, the world’s largest cryptocurrency exchange, to move from the Tron blockchain to Ethereum’s ERC20 standard. The transfer will impact 1.6 billion USDT tokens and will not cause any change in the total supply of Tether.
Tether has been one of the most popular stablecoins in the crypto industry for years, with a market capitalization of over $35 billion. It is designed to be pegged to the US dollar, meaning that one USDT should always be worth one USD. As such, it has been widely used as a trading tool to hedge against market volatility and as a bridge between different cryptocurrencies and fiat currencies.
However, there have been some criticisms about Tether’s transparency and its one-to-one reserve backing. Thus, to address these concerns, Tether has decided to change its underlying technology and move to Ethereum’s ERC20 standard. ERC20 is a popular token standard that follows a set of specific rules, making it easy for Ethereum-based projects to interact with each other.
Tether’s migration to the ERC20 standard on Ethereum is expected to provide more transparency and security in its operations. This is because the Ethereum ecosystem is said to be more secure than the Tron blockchain, which has been exploited by hackers in the past.
Furthermore, Tether’s partnership with Binance for the migration can also provide greater liquidity and accessibility for Tether users. Binance has become the world’s largest cryptocurrency exchange by offering a range of services, including trading, staking, and the launchpad for new projects. With Binance’s support for the migration and listing of USDT tokens on its platform, Tether’s adoption and use case can be expanded.
To sum up, Tether’s announcement of its chain migration to Ethereum’s ERC20 standard with Binance is a significant move for the crypto industry. It can provide greater transparency, security, and accessibility for Tether users and pave the way for more adoption and use cases of stablecoins in the future.
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