Tether Swaps 10 Mln USDT-Tron to EOS as Trial Balloon, 25% of It Has Been Absorbed into EOS Ecosystem

Tether Ltd has converted 10 mln USDT to the EOSIO chain as part of testing demand; a quarter of it has been quickly consumed by the EOS ecosystem

article image
Cover image via

Tether CTO Paolo Ardoino has taken to Twitter to share a response from the EOS community regarding the transfer of 10 mln Tron-USDT to EOS over the weekend as a trial balloon.

In response, the leading EOS block producer, "EOS Nation" tweeted that 25 percent of that amount has already been absorbed into the EOS ecosystem.

Image via Twitter

10 mln USDT swapped to EOS to study demand

On Saturday, Tether CTO Paolo Ardoino took to Twitter to announce that the stablecoin producer had transferred 10 mln USDT tokens to the EOSIO chain.

In the comment thread, he stated that this was a trial and, if the demand were high, Tether would continue swapping USDT to EOS or get it back and send it to other chains where the demand is high.

Later on, it turned out that the USDT was sent to EOS from the Tron blockchain.

"EOS Nation" subsequently tweeted that, within just two days, twenty-five percent of the 10 mln USDT has already been absorbed by the EOS ecosystem.

Tether has been collaborating with EOS since the summer of 2019, right after launching the EOSFinex trading platform.

By bringing Tether to EOSIO, Tether strives to unlock the true potential of a blockchain-based stablecoin by appealing to individuals seeking a borderless, efficient, and free peer-to-peer value transfer.

👉 MUST READ (EOS) Daniel Larimer ‘Scared’ As Analysts Disclose Critical Ethereum (ETH) Vulnerabilitiesrelated article image

EOS lags behind Tron regarding USDT

According to the Tether Transparency page, EOS-USDT is behind Tron-USDT in terms of the circulating amount. At this time, there are $15,251,000.50 in USDT on EOS out there, while the Tron chain has $3,752,709,126.40 on it.

Omni chain is still the most popular blockchain on which USDT runs, and Ethereum is the second most popular platform for USDT users.

Image via Tether

USDT on any chain can be issued by users on Tether's website. Recently, Tether's market capitalization surpassed $10 bln and now totals $10,005,123,388, according to data from CoinmarketCap.

USDT kicked off on OMG Network

Last week, Tether also reported that it had sent 3 mln USDT to an Ethereum sidechain OMG Network, thus expanding the number of blockchains it now emits its stablecoins on.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join CryptoComes's channel.

article writer image
Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.