Crypto News

$1 Billion Just Sent To Binance From Tether Treasury: Here’s Why

                                                            Inmitten des aktuellen Marktcrashs wurden USDT im Wert von 1 Milliarde US-Dollar aus der Schatzkammer von Tether an Binance transferiert.
  • The last few days have been for both cryptocurrency and particularly devastating for the old markets.
  • During the Saturday trading session, the price of Bitcoin to a low of around $34,000 on Binance and is currently trading around $35,000 and struggling to sustain above that level.
  • Now, Whale Alert discovered that USDT worth $1 billion was transferred from Tether Treasury to Binance.

1,000,000,000 #USDT (1,000,000,000 USD) transferred from Tether Treasury to #Binance

— Whale Alert (@whale_alert) January 22, 2022

  • Tether quickly explained what had happened.

In a few minutes, Tether will coordinate with a third party to perform a chain swap and from Tron TRC20 to convert Ethereum ERC20, for 2B USDT. the tether-Total supply does not change during this process.

  • This means that Tether didn’t print fresh USDT and only distributes coins from Tron to Ethereum and sends them to Binance.

Source: Crypto News Deutsch

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