On January 6, 2025, Tether announced via their Twitter account (@Tether_to) that they will perform a chain swap, converting part of their USDT cold wallets from various blockchains to USDT on the Tron network within the next few hours. The total supply of USDT will remain unchanged during this process, as per the announcement (@Tether_to).

The chain swap is expected to influence the liquidity and trading volumes of USDT across different exchanges and blockchain networks. According to data from CoinMarketCap as of January 6, 2025, at 10:00 AM UTC, the 24-hour trading volume of USDT across all exchanges was $50 billion, with a significant portion being on Ethereum and Tron networks. The shift to Tron could potentially increase USDT's liquidity on Tron, affecting the trading pairs like USDT/BTC and USDT/ETH. Historical data from similar chain swaps in the past, such as the one conducted on September 15, 2023, showed a temporary increase in trading volumes on the target blockchain by approximately 15% within 24 hours following the swap (@CoinMarketCap).

Technical indicators such as the 24-hour Relative Strength Index (RSI) for USDT on Tron was at 45 as of January 6, 2025, at 10:00 AM UTC, indicating a neutral market condition (@TradingView). The on-chain metrics from Tronscan showed that the total number of USDT transactions on Tron was 1.2 million in the last 24 hours ending at January 6, 2025, at 10:00 AM UTC, which could serve as a baseline to compare post-swap activity (@Tronscan). Additionally, the market depth for USDT on major exchanges like Binance showed a bid-ask spread of 0.02% for USDT/BTC and 0.03% for USDT/ETH as of January 6, 2025, at 10:00 AM UTC, which might see changes following the swap (@Binance).