In a move aimed at ensuring stablecoin liquidity, Binance, one of the leading cryptocurrency exchanges, has announced a direct swap of 1.25 billion USDT-TRX for USDT-ETH with the Tether team. This strategic initiative comes in response to concerns over the recent de-pegging of USDT and aims to stabilize the value of the stablecoin.
In a move aimed at ensuring stablecoin liquidity, Binance, one of the leading cryptocurrency exchanges, has announced a direct swap of 1.25 billion USDT-TRX for USDT-ETH with the Tether team. This strategic initiative comes in response to concerns over the recent de-pegging of USDT and aims to stabilize the value of the stablecoin.
The swap will commence after 9:30am UTC today, and Binance users can expect significant movements of USDT from their Binance wallets.
USDT, also known as Tether, is a widely used stablecoin in the cryptocurrency market. It is designed to maintain a 1:1 peg with the US dollar, providing stability and liquidity for traders and investors. However, recent market fluctuations have led to concerns about the stability of USDT, with some instances of de-pegging observed.
