Binance said in a tweet on Monday it would swap 750 million tether-tron token pairs for tether-ether in an attempt to maintain the stablecoin's liquidity.
The move comes amid renewed regulatory scrutiny at the world's largest cryptocurrency exchange and will help cushion some of the fallout from recent blows, including Binance being sued by the U.S. Securities and Exchange Commission.
The swap, set to start after 12 p.m. UTC on Monday, will be held directly with the tether team, the tweet said.Tether is the largest stablecoin that aims to maintain a 1:1 peg with the U.S. dollar. Tron is the ninth largest cryptocurrency with a $6.3 billion market value, while ether is the largest after bitcoin, with its $210 billion market capitalization.Binance, its CEO and founder Changpeng Zhao, and Binance.
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