Tron Lost About A Billion Dollars, 23% of Its Total USDT Reserves, To Ethereum As A Result Of a Chain Swap

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As people’s interest and excitement with the DeFi on Ethereum network grows, the deeper its competitors fall. Just recently announced, Tether conducted a Blockchain swap that involves a whopping billion dollar worth of USDT. They took the said tokens from its previous home, the TRON TRC20, and delivered them to the industry-leading Ethereum Blockchain. As reports would say, this move, which is undeniably implicating for TRON, is driven by the request of an undisclosed third-party.

Although it hasn’t been officially confirmed by Tether yet, several clues point out Binance as the said third-party crypto exchange. One example of supposed clues is Binance’s move that sees them send out $600 million to the treasury of Tether under TRON. This unprecedented chain swap came amidst the continual rise of the DeFi market, which has also successfully propelled several ERC20 tokens and Ethereum itself higher. In perspective, this swap may be driven by the fact that crypto traders have their eyes heavily set on Ethereum, and Tether wants to take advantage of that.

Notably, the swap mentioned above would drain about 23% of the total USDT reserves housed within TRON, as confirmed by Tether’s tweet. On the other end of the spectrum, Ethereum’s reserves would experience a significant boost on the conclusion of the swap. As it currently stands, Ethereum is already in possession of more than half of the circulating USDT today (estimated $13 billion).

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