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    Home » Crypto News » Tether Moves 1 Billion USDT to Ethereum Amid Sky-High Fees and Congestion

    Tether Moves 1 Billion USDT to Ethereum Amid Sky-High Fees and Congestion

    Author: George Georgiev

    Last Updated Aug 20, 2020 @ 18:17

    Tether, the USDT stablecoin issuer, has confirmed the swap of 1 billion USDT from Tron’s network to Ethereum.

    Ethereum’s network is on the brink of its highest congestion rate, while the transaction fees are still particularly high.

    Amid all of this, Tether has moved over 1 billion USDT from Tron’s network to Ethereum.

    Tether Moving 1 Billion USDT to Ethereum

    Earlier today, Tether, the company issuing the most popular stablecoin, USDT, announced that it plans to move 1 billion USDT to Ethereum’s ERC20 protocol.

    “In a few hours, Tether will coordinate with a 3rd party to perform two chain swaps (conversion from Tron to ERC20 protocol) for 1B USDT. Tether total supply will not change during the process.”

    About an hour ago, the company’s CTO, Paolo Ardoino, confirmed that the transactions have taken place and that the swap is completed.

    This is completed now!https://t.co/HSJQ3ehHhn https://t.co/bybswQBMC0

    — Paolo Ardoino (@paoloardoino) August 20, 2020

    It ”s important to note that Tether didn’t mint new tokens but just swapped ones that were already in circulation.

    According to Tether’s Transparency page, the total assets are currently just shy of $13 billion, of which $7.5 billion are circulating on Ethereum’s network. The second-largest amount of about $4.3 billion is based on Tron.

    This might bring some further concerns about Ethereum’s current network stage.

    Ethereum Congested as it Is

    The network is at the forefront of the ongoing DeFi boom. According to DeFi Pulse, there’s around $6.65 billion locked in protocols, and the majority of these are based on Ethereum’s network.

    This causes serious network congestion and sky-high transaction fees.

    Data from Etherscan reveals that, at the time of this writing, the network’s congestion stands at almost 97%.

    eth_network_congestion
    Ethereum Network Congestion. Source: Etherscan

    On the other hand, the median transaction fee stands at $1.872. This is a considerable drop from the highs from a few days ago, but it’s still just as high as it was back in 2018 amid the peak of the ICO boom.

    It’s becoming evident that the forthcoming update of Ethereum 2.0 is paramount for the future of the network and the protocols that are built around it.

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    Read more on: Ethereum Ethereum 2.0 Tether (USDT)

    About The Author

    George Georgiev View more posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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