Tether completed a transaction between blockchains in the amount of USD 300,000,000. Tokens were transferred from the Omni blockchain (works on top of Bitcoin) to Ethereum with the participation of a third party.
On its official website, Tether explained that “changing a blockchain” means a process in which cryptocurrencies are transferred from one blockchain to another. This allows traders to access various blockchains that support the cryptocurrencies of which they are holders. At the same time, traders can use such digital assets on other blockchains.
In addition, the company explained in its example how such transactions are conducted. For example, if Tether works on Omni, Ethereum, Tron, EOSIO and Liquid, then USDT cryptocurrency holders can also access any of these five blockchains. A trader can transfer his USDT tokens from the current blockchain, where his tokens are currently located, to another, supported by Tether.
Tether added that most users with a valid account can also “change” the blockchain for small amounts in USDT. They will be able to do this on any exchanges that support USDT on blockchains, between which it is necessary to make an exchange. For example, a Bitfinex user wants to transfer cryptocurrency from the Tron blockchain to Liquid. First, he must deposit USDT tokens to Tron through the exchange, then request the transfer of USDT to the desired blockchain, in our case, Liquid. If the Bitfinex exchange supports both of these blockchains, the transaction will be completed with its participation.
In addition, Tether explains that if the transfer amount from one blockchain to another exceeds the amount that is on the target blockchain where the funds need to be transferred, Tether will issue the missing USDT tokens. After the transaction is completed, this number of tokens on the initial blockchain will be burned or held by the company for further such transactions.
Recall that in September, the OKEx exchange planned to launch futures on USDT with the possibility of margin trading, in the same month, Tether released the CNHT stablecoin tied to the Chinese yuan.
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