Tether, the largest stablecoin issuer in the world, has been spotted sending $800 million worth of its USDT to Binance, the biggest crypto exchange by volume.
According to data from blockchain “de-anonymizing” firm Arkham, Tether sent two batches of 400 million USDT to Binance early on Wednesday.
While the implications of the transfer are broad and depend on context and market dynamics, Arkham says the large movement is a sign that “institutions are onramping.”
“ARKHAM ALERT: $400M TETHER USDT TRANSFERRED TO BINANCE
Tether USDT Treasury just transferred $400M to a Binance Deposit. This Binance Deposit address has received a total of $800M Tether USDT this morning.
Institutions are onramping.”
Hours before the move, Tether minted 1 billion USDT on the Tron network.
And on the same day, Binance.US announced that it was restoring USD fiat deposits and withdrawals with zero fees.
Says Norman Reed, Interim CEO of Binance.US,
“We are thrilled to restore fiat rails as we accelerate with increased momentum in the new year… This marks one of the most important chapters for Binance.US since July 2023, when we were forced to begin operating as a crypto-only platform.
At time of writing, USDT’s market cap is at $141.75 billion, slightly below an all-time high reached just days ago.
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