Tether (USDT) balances on exchanges hit a new record at 1.282.118.378 USDT

By Selena On Mar 27, 2020

As Tether continues to generate more USDT, cryptocurrency exchanges are also hoarding vast amounts of stablecoins.

Tether (USDT) balances on exchanges blast past ATH

According to the latest statistics, exchanges have hoarded USDT more than ever. In the past month, USDT balances on the floors reached a record level. The most interesting is the fact that BTC plunged sharply did not affect too much the amount of Tether that the exchanges hold.

According to Glassnode alert, the USDT balance on the exchanges is now 1,282,118,378 USDT. The previous peak was set on March 21, but it is important to note that the uptrend continued.

? $USDT Balance on Exchanges (1d MA) just reached an ATH of 1,282,118,378.835 USDT

Previous ATH of 1,279,532,697.855 USDT was observed on 21 March 2020

View metric:https://t.co/Hpeb0LFt3p pic.twitter.com/UrBhNlTG3Q

— glassnode alerts (@glassnodealerts) March 25, 2020

Just in the past week, the Tether Treasury has generated a record number of USDT in circulation. For example, on Tuesday, the company generated $ 180 billion. This led to a theory that the entire amount of money immediately transferred to the wallets. This argument seems reasonable because Binance last month also had a shortage of USDT for trading operations.

Are exchanges holding too many digital assets?

Based on the above evidence, an undeniable fact is that USDT is being put too much on centralized exchanges. These platforms hold too many digital assets. As previously reported, Coinbase also kept more than 977,230 BTC in early December last year. Several other exchanges are equally competitive in this asset.

So is it a good idea that the exchanges hold too much USDT? The current indices do not show the demand is too large to lead to such a sudden increase in coin balance. We will know the specific answer in the weeks after many exchanges will probably witness trading activities become active again.

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