Tether says it’s performing a $1 billion swap with a third party as stablecoin falls as low as 95 cents

Tether USDTUSD, -1.07%, the largest cryptocurrency stablecoin by market cap, said it was performing a “chain swap” with an undisclosed third party after it fell as low as 95 cents against the dollar. “In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and from Tron TRC20 to Avalanche, for 20M USDt. The #tether total supply will not change during this process,” said Tether on its verified Twitter account. The cryptocurrency complex has been reeling since the algorithmic stablecoin TerraUSD slumped.