Amid the current market crash, $1 billion USDT was transferred from Tether’s treasury to Binance.
- The past few days were particularly devastating in both the cryptocurrency and legacy markets.
- During the trading session on Saturday, bitcoin price on Binance dropped to a low of around $34,000, and it is currently trading at around $35K, struggling to stay above that level.
- Now, Whale Alert has found that $1 billion in USDT has been transferred from Tether Treasury to Binance.
1,000,000,000 #USDT (1,000,000,000 USD) from Tether Treasury. transferred to #binancehttps://t.co/pctmfmlhGy
— Whale Alert (@whale_alert) 22 January 2022
- Tether quickly explained what happened.
In a matter of minutes, Tether 2B will coordinate with third parties to perform on-chain swaps, converting from Tron TRC20 to Ethereum ERC20 for USDT. The total supply of Tether will not change during this process.
- This means that Tether is not printing any new USDT and is just deploying coins from Tron to Ethereum, sending them to Binance.
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