The stablecoin issuer Tether announced that within a few hours, Tether will coordinate with a well-known third-party exchange to conduct an on-chain conversion, converting some of its USDT cold wallets from different blockchains into USDT on ETH. During this process, the total supply of USDT will remain unchanged. The specific allocation is as follows (subject to change): 1 billion USDT on the TRC20 chain, 600 million USDT on the AVAX (C) chain, 300 million USDT on the NEAR chain, 75 million USDT on the CELO chain and 60 million USDT on the EOS chain will all be converted to USDT on the ETH chain.