Community Trust ScoreVerified
Paolo Ardoino expressed: Tether on SOL is growing ~300M issued now.
Community response was like: Why printing on so many chains? The strategy is to use/adopt all of the main chains. It is definitely a successful and forward-thinking decision. People can decide which they prefer and want to use. In this way, Tether can be usable in any DeFi system/platform and/or any centralized providers as well.
Demand is high for liquidity mining purpose. To manage user demand in each of the different ecosystems, it sometimes becomes necessary to move USDt from one blockchain to another.
For an average USDt user, the best method to swap USDt from one blockchain to another is using a cryptocurrency exchange that supports both versions of USDt, like the Bitfinex.
When a cryptocurrency exchange needs to balance out the surplus of one kind of USDt, it will need a chain swap. To provide for a chain swap, the exchange will send USDt to Tether, and a related number of USDt will be sent back to the exchange on the corresponding chain.
When the client’s request is for more USDt from a particular chain than what Tether currently has in its treasury, then a new USDt will be first authorized and then further issued on the corresponding chain. Further, Tether will destroy the excess USDt on the previous chain if required.
Chain swaps are a net-neutral process when it comes to USDt issuance. The net balance of total USDt is the, as tokens are moved from one blockchain to another. All the USDt remains backed by the same kind of collateral.
It is important to note that USDt issued due to chain swaps, does not constitute the creation of additional USDt.
Interesting. I spent the last few days investigating SOL; the Wormhole Bridge is not good (unlike the bridges into Fantom / BSC / Poly). Could not move coins at all: Wanted to. So, Tether is probably the primary SOL onramp right now.
Is USDT transaction cheaper than TRC20? USDT-ERC20 is the USDT issued by Tether based on the ETH network. The deposit address is the ETH address, with deposits and withdrawals taking place on the ETH network. The protocol of USDT-ERC20 is the ERC20 protocol.
USDT-TRON (TRC20) is the USDT issued by Tether based on the TRON network. The TRON address’s currency deposit address, with deposits and withdrawals taking place on the TRON network. The USDT-TRON (TRC20) uses the TRC20 protocol.
TRC20 based USDT enables interoperability with TRON-based protocols and Decentralized Applications (DApps) while allowing users to transact and exchange fiat pegged currencies across the TRON Network.
