Tether transfers large tokens from the Tron network to Ethereum

By Selena On Feb 21, 2020

Another considerable deal confused the market today after 300 million Tether (USDT) moved abnormally.

Tether and Binance are behind huge trading and burn tokens

Tether wallet made a large transaction of 300 million USDT. The above transaction came at a time when Bitcoin slipped to about $ 9,600, and the original purpose was supposed to be to rescue the market.

? ? ? ? ? ? ? ? ? ? 300,000,000 #USDT (300,321,318 USD) minted at Tether Treasury

Tx: https://t.co/0pAllfCsO2

— Whale Alert (@whale_alert) February 20, 2020

But Tether seems to have transferred the token back into the wallet, then completely burned the total amount.

? ? ? ? ? ? ? ? ? ? 300,000,000 #USDT (300,731,687 USD) burned at Tether Treasury

Tx: https://t.co/xcJaGhifRb

— Whale Alert (@whale_alert) February 20, 2020

Some comments claim that the number of tokens canceled is from the TRON network (with a total of 300 million USDT). After this move, TRON will have only 536 million tokens left at the time of writing. Previously, TRON’s supply was nearly 1 billion.

Finally, the transaction is said to be related to Binance. The exchange could thus have helped Tether in moving $ 300 million, thereby pushing USDT’s supply on the Ethereum platform to a record level.

Tether’s current supply has dropped to only $ 4.62 billion. It is known that 2.62 billion tokens are present on Ethereum. The newly introduced network, Algorand, has not moved to implement USDT yet. The amount of newly created tokens has “diverted” the market a bit when BTC recovered slightly, but the original purpose of the above action was clear after that.

.@Tether_to and @binance have completed a chain swap of 300,000,000 $USDT from #Tron to #Ethereum.

This brings the total number of minted ERC20 $USDT to 2,658,282,552. https://t.co/bBLA9HfT4n

— glassnode (@glassnode) February 20, 2020

Supply declines

With the latest move, the cryptocurrency market is in the adjustment phase with a lower USDT supply than before.

USDT is an essential part of the BTC market before the derivatives market flourishes. USDT flows into the spot market are not enough to influence to adjust the price direction. But with recent vigorous activity from USDT, the cryptocurrency market can be said to be at a crossroads.

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