On August 20, a $ 1 billion Tether cryptocurrency swap took place - including Binance, Bitfinex and large fire remnants on Blockchain Troon (TRX).
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From time to time, news of Tether burning some of its supplies on the Blockchain and then minting them again on another network appears in the headlines.
and while it sounds easy enough, it actually involves a great deal of planning and most importantly - confidence.
During a 6-parameter swap that spanned two blockchain chains and took one hour and one minute to complete, the Tether / Bitfinex side was never in danger because Binance was The initiating party.
on two occasions - after the first transaction and after the fourth trade - Binance dropped $ 400 and $ 600 million, respectively. These companies must have a trusted relationship or there may be additional mechanisms involved that we are not aware of.
and another necessary condition for the swap was the fact that Binance had a surplus of $ 1 billion on TRON-based USDT and was willing to trade it for an equivalent amount of USDT based Ethereum.
It is not clear if these funds are owned by the stock exchange or if they constitute user deposits.
(Amazon Fun Knowledge)
