Tether CEO Explains Recent USDT Minting on Ethereum

Tether CEO, Paolo Ardoino, recently addressed the latest on-chain data released by Whale Alert, which reported that the Tether Treasury had minted

Tether (USDT) is set to perform a large chain swap with a major exchange, according to a recent announcement. This swap will see a portion of USDT reserves shifted from several blockchains to Ethereum.

Specifically, the stablecoin will be moved from cold wallets on TRC20, AVAX, NEAR, CELO, and EOS into Ethereum-based USDT, the announcement noted.

A chain swap is a process where cryptocurrencies are transferred from one blockchain to another. It allows traders to expand the use of their digital assets to different blockchains that support the cryptocurrency owned.

For example, the stablecoin is available on several blockchains, including Ethereum, Tron, Solana, and Liquid. A chain swap allows clients to access any of these networks using their USD₮.

A trader can “swap” the blockchain on which their USD₮ is operating — for instance, moving it from a blockchain like Tron onto another like Ethereum. It allows the end-user to utilize different blockchain ecosystems. In turn, this further extends the liquidity and usability of their digital assets.

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