stress? 3 Billion USDT Entered Cryptocurrency Exchanges in Just 3 Days: Data
Tether Treasury has been actively issuing USDT tokens amid choppy market conditions.
In the latest development, $3 billion worth of USDT tokens were mined from the Tether Treasury within three days, according to an update from Lookonchain.
At that time, the token was Dispersion Across Ethereum and TRON blockchains. This surge in USDT mining has sparked curiosity about the destination.
Since April 1, approximately $2.55 billion USDT has flowed into major cryptocurrency exchanges, including Binance, Bitfinex, Kraken, and Coinbase.
In particular, Bitfinex received 1.018 billion USDT, while Kraken and Binance received the largest stablecoin inflows, worth 824.1 million and 614.6 million USD. Meanwhile, Coinbase received 93.8 million USDT during the same period.
This influx of USDT has raised questions in the community as to whether investors currently sitting on the sidelines are preparing to enter the market. Prices have been falling recently, providing a good buying opportunity.
Tether has seen a huge surge in its dominance over the past few years.
With digital asset prices rebounding significantly this year, USDT continues to occupy the largest share of the stablecoin market, surpassing $100 billion in market capitalization.
The latest development comes days after the stablecoin issuer expanded its Bitcoin holdings by acquiring 8,889 BTC worth about $627 million. This purchase increased Tether’s Bitcoin holdings, reaching a total of 75,354 BTC.
The move was part of a broader plan to allocate up to 15% of the company’s profits from surplus USDT stablecoin reserves to Bitcoin.
Tether also announced that it has completed a Systems and Organizational Controls (SOC) 2 Type 1 audit, considered the first step toward achieving the highest level of security compliance.
2024 limited-time offer for Bybit’s CryptoPotato readers: Use this link to register and open a $500 BTC-USDT position on the Bybit Exchange for free!
Source: https://cryptopatoto.com/bullish-3-billion-usdt-entered-these-crypto-exchanges-in-just-3-days-data/