Tether Transfers 1 billion USDT from Solana to Ethereum
Tether, the USDT stablecoin’s holder, stated that it was transferring 1 Billion USDT from Solana into Ethereum via a chain swap. This news comes as Solana is struggling due to the collapse of the crypto exchange FTX. The chain swap will result with less USDT being available overall on Solana. However, the stablecoin’s will remain in circulation.