On November 6, 2024, Tether announced a significant cross-chain swap of over 2 billion USDT to the Ethereum network. The swap involved transferring 1 billion USDT from the Tron network, 600 million from the Avalanche C-Chain, 300 million from NEAR, and 60 million from EOS. This move was initiated on behalf of a large exchange that wanted to move its USDT holdings from various cold wallets to Ethereum. Tether assured stakeholders that this transfer would not impact the total supply of USDT. This transfer took place against the backdrop of concerns raised in the Wall Street Journal regarding the U.S. government's investigation into Tether for alleged money laundering and sanctions violations, which had briefly unsettled the crypto markets. Tether CEO Paolo Ardoino reaffirmed the company's reserves, highlighting approximately $100 billion in U.S. Treasury bills, 82,000 Bitcoin, and 48 tons of gold. The market reacted cautiously, as many viewed the large USDT market capitalization as a signal of increased digital asset trading activity.

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