Tether displays USDT on $1 SOLANA billion to Ethereum – Bits Media

The Tether Steabblecoin issuer announced the withdrawal of USDT $1 billion billion to Ethereum blockchain. The reason was that, that Solana is faced with difficulties after the collapse of the FTX cryptocurrency exchange.

According to Tether, exchange will occur using a third party.

In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Solana to Ethereum ERC20, for 1B USDt. The #tether total supply will not change during this process.
Learn more about chain swaps https://t.co/abfgnELSvi

— Tether (@Tether_to) November 18, 2022

Just a few weeks ago, Solana was part of the five largest cryptocurrency projects on market capitalization. This blockchain stored USDT in the amount of about $1.8 billion.

According to Defillama, After the Tether statement, the price of Sol fell approximately by 0.03%, And the total value of assets, Defi blocked in the protocols, decreased on 10.95% - To $297.73 million.

Now Solana is 15th place in market capitalization-over the past seven days, the indicator has decreased almost by 25.4%. SOL is traded at the level $12.87, which is many times lower than the historical maximum in $256.

Yesterday it became known, that the world's largest digital assets exchange, Binance has announced temporary suspension of deposits in USDT and USD Coin Stablecoins (USDC) On the SOLANA blockchain.

Former Goldman Sachs top manager and cryptoenthusian Raul Pal (Raoul Pal) considers, that despite the possible short -term decrease in the price of SOL, This asset retains its attractiveness in the long term.