Tether completed a transaction between the blockchains in the amount of 300,000,000 USDT. The tokens were transferred from the Omni blockchain (running on top of Bitcoin) on Ethereum with the participation of a third party.
On its official website, Tether explained that “changing the blockchain” means the process by which cryptocurrencies are transferred from one blockchain to another. This allows traders to access various blockchains that support the cryptocurrencies they hold. At the same time, traders can use such digital assets on other blockchains.
In addition, the company explained by its example how such transactions are conducted. For example, if Tether runs on Omni, Ethereum, Tron, EOSIO, and Liquid, then holders of the USDT cryptocurrency can also access any of these five blockchains. A trader can transfer their USDT tokens from the current blockchain, where their tokens are currently located, to another one supported by Tether.
Tether added that most users with a valid account can also “change” the blockchain for small amounts in USDT. They will be able to do this on any exchanges that support USDT on blockchains, between which you need to make an exchange. For example, a Bitfinex user wants to move cryptocurrency from the Tron blockchain to Liquid. First, they must Deposit USDT tokens to Tron via The exchange, then request a transfer of USDT to the desired blockchain, in our case – Liquid. If the Bitfinex exchange supports both of these blockchains, the transaction will be made with its participation.
In addition, Tether explains that if the transfer amount from one blockchain to another exceeds the amount that is on the target blockchain where the funds need to be transferred, Tether will issue the missing USDT tokens. After the transaction is completed, this amount of tokens on the original blockchain will be burned or held by the company for further similar transactions.
Recall that in September, the OKEx exchange planned to launch USDT futures with the possibility of margin trading. in the same month, Tether released the CNHT stablecoin pegged to the Chinese yuan.