Bad sign? Tether moves 1 billion USDT from Solana to Ethereum – t3n – digital pioneers
Tether is shifting stablecoin holdings. (Image: Maquette Pro / Shutterstock)
Tether is massively withdrawing holdings of its USDT stablecoin from the Solana blockchain. One billion USDT are to migrate from Solana to Ethereum.
Tether does not want to reduce the overall supply of its stablecoin. Only the stocks on Solana are reduced. The Solana Foundation has declined to comment on the measure.
Instead, Solana refers to a text that Tether on Thursday released and in which the USDT issuer downplays the FTX-Solana connection.
“Alameda’s strong holding in Solana does not impact the underlying dynamics of how USDT and USDT issuance works,” Tether said, referring to FTX subsidiary Alameda Research, which initiated the billion-dollar collapse of the 130-company FTX Group .
Earlier in the week, crypto exchanges like Binance and OKX suspended USDC and USDT deposits and withdrawals on Solana, but resumed them a short time later.
The Solana Foundation is relaxed. On Thursday explained them that the network was dealing with “more complex transactions than usual”. It has been shown that Solana also works well under stress.
