On November 6, 2024, Tether transferred over $2 billion in USDT to the Ethereum network, including $1 billion from Tron, $600 million from Avalanche, $300 million from NEAR, $75 million from Celo, and $60 million from EOS. This swap is intended for an exchange, moving USDT from cold wallets to Ethereum. Tether claims that the total volume of USDT will remain unchanged.
These actions are occurring amid rumors of a U.S. government investigation into money laundering. Tether CEO Paolo Ardoino noted that the company's reserves include $100 billion in bonds, 82,000 bitcoins, and 48 tons of gold.