Tether Swaps Over 2 Billion USDT to Ethereum Network

Tether conducted a major cross-chain swap, moving over $2 billion USDt from different blockchain networks to Ethereum on November 6.
Specifically, 1 billion USDt will be swapped from Tron, 600 million from Avalanche C-Chain, 300 million from Near Protocol, and 60 million from EOS. This swap was made at the request of a major exchange and does not affect the total supply of USDt.

Tether CEO Clarifies Reserves Backing USDT
The large transfer of USDt between chains comes amid unconfirmed reports from The Wall Street Journal that Tether is being investigated by the US government for alleged money laundering and sanctions violations.
The news sent the cryptocurrency market tumbling due to investor concerns. To calm investors, Tether CEO Paolo Ardoino released a report analyzing Tether's reserves at the PlanB event in Switzerland.

Tether's reserves include approximately $100 billion in US Treasury bonds, 82,000 Bitcoins worth approximately $6.2 billion, and 48 tons of gold. In October 2024, USDT reached a market capitalization of $120 billion, demonstrating growing demand in the digital asset market.
However, data from Chainalysis shows that stablecoins like USDT are increasingly used as a store of value in economies with rapidly depreciating local currencies, rather than for speculation.