PANews reported on November 6 that stablecoin issuer Tether announced that within a few hours, Tether will coordinate with well-known third-party exchanges to conduct on-chain conversions to convert some of its USDT cold wallets from different blockchains to USDT on ETH. In the process, the total supply of USDT will remain unchanged.

The specific distribution is as follows (subject to change): 1 billion USDT on the TRC20 chain, 600 million USDT on the AVAX (C) chain, 300 million USDT on the NEAR chain, 75 million USDT on the CELO chain, and 60 million USDT on the EOS chain will all be converted into USDT on the ETH chain.

Update : Tether minted 2 billion USDT on Ethereum and transferred 500 million USDT to Binance.