According to online reports, stablecoin issuer Tether issued an announcement saying that within a few hours, Tether will coordinate with well-known third-party exchanges to conduct on-chain conversion to convert 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 USDTs on the TRC20 chain, 600 million USDTs on the AVAX (C) chain, 300 million USDTs on the NEAR chain, 75 million USDTs on the CELO chain and 60 million USDTs on the EOS chain will all be converted to USDTs on the ETH chain.