Tether, the issuer of the stablecoin USDT, has helped crypto exchange Binance swap 3 billion USDT from Tron to Ethereum.
According to Tether, the cumulative stablecoin supply across all networks was not changed.
According to Paolo Ardoino, CTO of Tether, from a technical point of view, the exchange sent stablecoins in TRC-20 format to the company’s treasury wallet. Then, Tether performed a reverse operation in favor of Binance in the ERC-20 format.
The transactions took place during a period of significant flow of withdrawal requests in several cryptocurrencies from Binance, which forced the company to suspend withdrawals in USDC on the Tron, BNB Chain and Ethereum blockchain. However, the restrictions did not affect USDT and BUSD.