Tether transfers 300 million USDT to Ethereum blockchain

Posted 30 October, 2019

Tether transferred 300 million USDT tokens from Omni to the Ethereum blockchain. Binance originally transferred the 300 million USDT from its exchange to the Tether Treasury. The mint was part of a conversion of coins from the Omni protocol to the ERC-20 protocol. Tether then minted 300 million USDT and sent the coins back to Binance ten minutes after they were minted. 

On its official website, Tether explained that “changing a blockchain” means a process in which cryptocurrencies are transferred from one blockchain to another. This allows traders to access various blockchains that support the cryptocurrencies of which they are holders. At the same time, traders can use such digital assets on other blockchains.

Tether added that most users with a valid account can also “change” the blockchain for small amounts in USDT. They will be able to do this on any exchanges that support USDT on blockchains, between which it is necessary to make an exchange.

In addition, Tether explains that if the transfer amount from one blockchain to another exceeds the amount that is on the target blockchain where the funds need to be transferred, Tether will issue the missing USDT tokens.

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