Tether Isolates 1B USDT from Solana
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Tether, the company behind the USDT stablecoin, said it will perform a chain swap, converting 1 billion USDT from Solana (SOL) to Ethereum (ERC20).

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Although the company declined to explain what made it to do such an update, it said in a tweet that USDT's total supply "will not change during this process." With the latest move, USDT's supply on Solana has been decreased to ~1.8 billion tokens, according to data from Explorer Solana.

The move comes shortly after Tether reassured its clients on its website that USDT issued on Solana is "the same as USDT issued on any other chain." As company explained:

"Alameda's heavy involvement in Solana doesn't impact the underlying dynamics of how USDT functions and USDT issuance works whatsoever."

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Tether also suggested that the move to suspend deposits of Solana-based USDTs on several crypto exchanges is likely "just due to the heavy connections between FTX, Alameda, and Solana."

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