.Tether_to to conduct massive on-chain USDT swap
Tether was largely silent on why it wanted to conduct this swap, a move that has sparked some assumptions in the community. While Tether has conducted these chain swaps for years, it still reassured its community that the total supply of the USDT stablecoin will not decline.
USDT remains the industry's first and biggest stablecoin, with its market capitalization pegged at $83.37 billion. The usage of the stablecoin has skyrocketed over the past few years, and within that time, Tether has made concerted efforts to shift its reserve portfolios in a bid to drive more trust in its ecosystem.
Of the hypothesis being shared as to why the USDT is being swapped, the most logical remains the move to rebalance the liquidity base of USDT on Ethereum by taking from the region of surplus to the region of scarcity.In explaining the core ideals of the USDT chain swap, Tether said the majority of the swaps can be completed on trading platforms that have support for the respective chains the user desires.
Tether has been deemed a very controversial stablecoin issuer, but luckily, the on-chain swaps take place online and can easily be tracked and verified. Tether has made headlines, for a positive reason, as it revealed it
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