Tether moves two billion USDT around the blockchain and informs consumers that the total supply will remain unchanged during the process. According to the Twitter release, the firm will work with a third party to complete the two-billion-dollar USDT transaction. The Tron blockchain’s coins will be transferred to the Ethereum blockchain.
The process of shifting bitcoins from one blockchain to another is known as a chain swap. Users can use different blockchains while owning interchangeable currencies thanks to chain swaps.
USDT makes use of a variety of blockchains, including Omni, Ethereum, Tron, EOSIO, and Liquid. Any of the aforementioned blockchains are accessible to USDT users. USDT holders who want to use several blockchains while holding must change the current network they’re on.
Tether destroys coins after minting new ones on the specified blockchain to maintain the appropriate balance of the circulating supply. When a user requests that 1,000 USDT be transferred from Ethereum to the Omni blockchain, Tether mints 1,000 new USDT on the Omni blockchain and issues it to the user. The “old” USDTs are burnt after a user receives payments. Coins sought for the swap are sometimes not burned and instead utilized as a bargaining point in future swaps.