Amid the current market crash, $1 billion worth of USDT was transferred from Tether’s treasury to Binance.
- The past couple of days were particularly devastating in both the cryptocurrency and the legacy markets.
- During Saturday’s trading session, Bitcoin’s price crashed to a low of around $34,000 on Binance, and it’s currently trading at around $35K, struggling to hold above that level.
- Now, Whale Alert detected that $1 billion worth of USDT was transferred from the Tether Treasury to Binance.
— Whale Alert (@whale_alert) January 22, 2022
- Tether was quick to explain what happened.
In few minutes, Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 2B USDT. The tether total supply will not change during this process.
- This means that Tether has not printed any fresh USDT and is just deploying coins from Tron to Ethereum, sending them to Binance.