Record 2,37 billion USDT transferred to Binance in one transaction

It is unknown who sent these stablecoins to the exchange and for what purpose

18.08.2022 - 08:15

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What’s new? According to Whale Alert, a blockchain tracking and analytics system, an unknown address sent 2,37 billion Tether (USDT) stablecoins to cryptocurrency exchange Binance on August 17. This is probably a record one-time transfer of the stablecoin to the platform. It is not yet known who made this deposit and for what purpose.

Whale Alert’s data

Tether Limited is the largest stablecoin issuer in the cryptocurrency market. The stablecoin USDT, which is pegged to the US dollar, ranks third in the overall ranking of cryptocurrencies by capitalization with a figure of $67,57 billion, according to CoinMarketCap as of August 18.

What happened before? On August 10, analysts at Santiment recorded an influx of USDT on exchanges. Since May 9, the total supply of stablecoin has increased from 19,7% to 42%. According to experts, this can be seen as a signal that traders began to take profits with USDT more often. It may also be a sign of “a 2-year high in buying power.”

The analyst of VanEck, a crypto fund, reported that investors transferred about $1 billion from USDC to USDT over the past month. A significant portion of the amount was converted after August 10, when the issuer of USDC blocked more than 75 000 coins linked to the Tornado Cash crypto mixer banned by US authorities.

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