Tether CTO has said that Tron is planning to migrate a colossal amount of 2,000,000,000 USDT to Ethereum later today.
A news post on utoday stated that according to the Tether CTO, Tron is going to move close to 2,000,000,000 USDT by today. Paolo Ardoino, who is the Chief Technical Officer of Bitfinex and Tether Ltd, made the announcement on Twitter.
It will be transferred from Tron’s TRC20 to Ethereum’s ERC20. Ardoino has said that the amount of USDT circulating won’t change due to this. IamLegion is a crypto investor who had this to tweet on 2 Billion USDT to Migrate from Tron to Ethereum Later Today – Tether CTO.
The amount could be the largest USDT to migrate from Tron to Ethereum. Investors feel that this could be a massive transaction from the Justin Sun blockchain to Vitalik Buterin’s firm as of now.
Transactions occur frequently, and Ethereum is one of the most famous base for them. Currently, there is a staggering amount of $15,917,977,739.61 on Ethereum. Tron is next and comes with $10,644,377,690.72 USDT circulating on it.
The ETH seems to be everyone’s favorite bet because it is safe and reliable. Besides, ETH and Tron, EOS, Liquid, Algorand, and SLP blockchains are the most-popular USD-backed stable coin. ETH saw a significant rise at the $1,567 level on February 2, 2021.
It is because of the continuous growth of ETH DeFi since the launch of Ethereum 2.0. The Ethereum 2.0 zero-phase happened in December last year, 2020. Ethereum has seen massive transfers last year 2020 too.
Tether made a second massive swap from TRON to Ethereum with 1 billion USDT coins. The reason they gave was that Tether is looking to reduce the congestion on Ethereum. It wants to do that by providing support to Solana and OMG Network.
Besides, users prefer to do their trading USDT on Ethereum. The stakers continue to keep ETH safely in the Ethereum 2.0 deposit contract. A Glassnode report shows that the total value of locked ETH is now more than $4 billion.