Tether swaps 300 million USDT from Omni to Ethereum blockchain

Tether announced a chain swap, whereby 300 million USDT have been moved from Omni to ERC-20 standard.

Within 2h Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process," the company announced on October 29 via Twitter. 

The chain swap allows traders to access various blockchains that support the cryptocurrency that they are holding. 

"For example, as Tether (USDt) is on the Omni, Ethereum, Tron, EOSIO and Liquid blockchains, our clients can obtain access to any of these five blockchains with their USDt holdings. A trader can “swap” the current blockchain that their USDt is operating on to another supporting blockchain, for example Ethereum to Omni," Tether explains in a dedicated blog boost on its website.

The announced migration was processed by an unnamed third party. The company confirmed that the swap would not affect the amount of USDT in circulation.

A Twitter-based service  Whale Alert registered the transactions related to the swap, whereby 370 million USDT where burned at Tether Treasury and $300 million transferred to Binance.

The share of ERC20-based USDT increased to 44%, while the share of Omni-based stablecoins dropped to 39%.

Notably, Tether remains the market leader by an average daily trading volume. USDT tokens to the tune of $33 billion change hands every day. To put it in perspective, bitcoin's average trading volume is just $27 billion.