Tron loses $1 billion Tether to Ethereum in chain swap

Tether has moved $1 billion in USDT tokens from the TRON blockchain to Ethereum, at the request of a major cryptocurrency exchange.

RON may be in trouble, as excitement around Ethereum crowds out the competition.

Stablecoin provider Tether announced today a "chain swap" for $1 billion USDT dollar-pegged tokens from the TRON TRC20 token standard onto the Ethereum blockchain at the request of an undisclosed cryptocurrency exchange

While not officially confirmed by Tether, clues on the blockchain point towards Binance as the exchange in question, which sent $600 million back to the Tether Treasury on the TRON blockchain. The swap comes as the booming DeFi market pushes Ethereum and many ERC20 tokens higher, pulling volume away from TRON as crypto traders hunt for moonshots and yield on the world’s second-largest blockchain Network
Tether’s token swap will reduce the supply of TRON-based TRC20 Tether tokens from $4.3 billion to $3.3 billion, while increasing Ethereum’s ERC20-based Tether supply to $8.5 billion. In the announcement, Tether stated that the overall supply of USDT, currently more than $12 billion, will remain unchanged from the swap.