Tether implements chain-swaps by depositing into the treasury account on one chain and withdrawing from the treasury account on the second chain. There is no pr

Tether implements chain-swaps by depositing into the treasury account on one chain and withdrawing from the treasury account on the second chain. There is no printing/burning required. But there is a problem when a large wallet does a chain-swap. These are often exchange wallets with all their user' funds, and there simply isn't enough funds in the target chain treasury wallet. In these cases, new tokens need to be issued on the target chain. As for the tokens on the old chain, the treasury account just gets really large for a while. Perhaps they should be burning, but in this bull market, it looks like tether has just taken the approach of waiting and skipping issues until the treasury account gets down to a reasonable level. Tether document their treasury account balances on their transparency page[1] as "Less: Authorized but not issued" for each chain. Sure it's horrible that the transparency page is missing anything about real-currency reserve holdings (other than saying "All Tether tokens are backed 100% by Tether's reserves"), but they are quite transparent about all the on-blockchain stuff. You can also view the treasury accounts directly and view the inflow/outflow. Omni is here[2] and eth is here[3]. etherscan even has a nice 'value over time' graph [4] [1] https://wallet.tether.to/transparency https://wallet.tether.to/transparency [2] https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKy... [3] https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7?a=0x5754284f345afc66a98fbb0a0afe71e0f007b949 https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c... [4] https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7?a=0x5754284f345afc66a98fbb0a0afe71e0f007b949#tokenAnalytics https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c...