The vast majority of Tether's USDT volume exists on the Tron network due to comparatively lower fees and faster transaction finality.
Stablecoin issuer Tether announced it was conducting a large cross-chain swap of more than 2 billion Tether-USD (USDT) from various blockchain networks to the Ethereum network on November 6, 2024.
According to Tether, 1 billion USDT will be swapped from the Tron network, 600 million USDT will be transferred from the Avalanche C-Chain, an additional 300 million USDT from the NEAR protocol will also make its way to the Ethereum network, and, finally, 60 million USDT from the EOS network will also be swapped to Ethereum.
The stablecoin firm explained that the cross-chain swap was performed on behalf of a large, unnamed exchange wishing to transfer their USDT holdings from various cold wallets to the Ethereum blockchain.
