TL;DR Breakdown
- 2 billion USDT tokens would be transferred to Ethereum later today.
- The second largest crypto asset by market cap has enjoyed the influx of institutional investors into its ecosystem.
Paolo Ardoino, the Chief technical officer (CTO) at Bitfinex and Tether Ltd, has announced that two billion Tron tokens (USDT) would be transferred to the ecosystem of Ethereum. According to Ardoin, this massive transfer would not impact the circulation of Tron tokens.
USDT tokens only behind Tether on Ethereum ecosystem
There is no denying that the amount of USDT that is about to be transferred into the ecosystem of the second-largest crypto asset by market cap seems to be the largest in recent time. While this transfer might seem to be a one-off, they, however, are quite common as Ethereum is quite a popular base for Justin Sun’s blockchain native token.
Tether’s transparency page says over $15 billion worth of the asset is currently in circulation on ETH. Tron is next in line with over $10 billion worth of USDT circulating on it.
USDT is also available on Omni chain and it also can be found on EOS, Liquid, Algorand and SLP blockchains.
Ethereum enjoying a bullish run
Ethereum has enjoyed a rise in its value in recent times as the asset has now broken its previous all-time high to set a new record at $1567.
Analysts have posited that the rise of the asset could be linked to the rising interest of institutional investors who are now showing more interest in investing in the leading crypto asset.
You will recall that Cryptopolitan had reported that CME Global was going to launch its Ether Futures Contract sometime soon. Grayscale investment is also opening its Ethereum trust again for private placements to institutional investors.
And in recent times, we have seen a surge in the gas fees of the asset has there has been increased activities on its network due to DeFi.
