Binance tweeted on Monday that it would exchange 750 million tether-tron token pairings for tether-ether in an effort to keep the stablecoin’s liquidity.
The decision was made in the midst of increased regulatory scrutiny at the biggest cryptocurrency exchange in the world, and it will lessen some of the effects of recent setbacks, such as Binance being sued by the U.S. Securities and Exchange Commission.
The biggest stablecoin that tries to keep a 1:1 peg with the dollar is called Tether. Tron, which has a market value of $6.3 billion, is the ninth-biggest cryptocurrency, whereas ether, which has a market value of $210 billion, is the largest cryptocurrency after Bitcoin.
The SEC filed a lawsuit against Binance, its CEO and founder Changpeng Zhao, and Binance last week. In 13 allegations, the US operation accused Binance of using a “web of deception,” inflating trading volumes, stealing customer funds, and surreptitiously controlling the U.S. corporation while ostensibly stating that it was independent.
As of June 13, it will also stop all dollar withdrawal channels after the SEC asked a judge to freeze its assets. said Binance on Thursday.