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

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.

Source: Marketwatch

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