Recently, Tether changed its USDT on the Omni blockchain to Ethereum. Yesterday about 200 million USDT was converted to Ethereum and represented on the public chain. Binance was the third-party that facilitated the conversion.
USDT on Ethereum is on the move again.
An individual transferred about $ 85 million to Ethereum for a fee of just three cents. Such a low fee would not be possible in the traditional banking system and would show how cost-effective cryptocurrencies remain - and, in this case, stable coins.
The recipient's wallet currently does not contain anything other than the transferred USDT and some ethereal dust. However, the sender has a long transaction history of sending USDT and other tokens, despite the fact that it was created only 48 days ago. The wallet currently contains only two ethers.
Unlikely that this transfer will have any impact on the market, but it demonstrates how USDT is growing on the Ethereum blockchain. We can expect to see more UDST transfers on Ethereum than ever before.
Tether Remains Controversial
USDT remains controversial stablecoin, despite the leading position in the market in terms of trading volume. A stable coin cannot be fully secured by dollars, according to its own co-founder Tether.
Last month, it was reported that Tether was mentioned in the mysterious Paradise documents, which seemed to prove that Bitfinex and Tether were controlled by the same people. Currently, a stable coin solves legal issues in several areas. A lawsuit filed in October claimed that the stablecoin was responsible for manipulating bitcoin merchants. It requires damages in the amount of 1.4 thousand dollars.