Tether’s Treasury reportedly transferred 750 million USDT to Binance on June 12. data According to blockchain analytics firm Arkham Intelligence.

Transactions were sent in three batches of $250 million after a $10 test transaction.

Binance USDT Swap
Source: Arkham Intelligence Dashboard

In today’s first exchange, informed Users have stated that they will use Tether to directly exchange 750 million USDT-TRX into USDT-ETH to ensure stablecoin liquidity across all chains.

Tethermint 1 Billion USDT

In the early hours of June 12, Tether CTO Paolo Ardoino said: was tweeting The stablecoin issuer plans to mint 1 billion USDT tokens to replenish its inventory on the Ethereum blockchain.

Blockchain analytics company Arkham Confirmed The deal added that this was Tether’s first mint on Ethereum since late April. Arkham Intelligence noted that the stablecoin issuer only had $146 million USDT on the blockchain 12 hours ago.

Ardoino said the deal was “approved but not issued … meaning this amount will be used as the next inventory.” [the] Next issue request and chain swap. “

A chain swap is the process of moving cryptocurrencies from one blockchain to another. According to the Tether website, Tether typically performs this process in response to requests for exchanges that have surplus funds on one blockchain but are in the red on another.

Meanwhile, Tether remains the dominant stablecoin in the cryptocurrency industry with a market cap of $83.38 billion and a 24-hour trading volume of $20.89 billion. of crypto slate data.

Regulatory struggle

The deal comes on the heels of regulatory troubles that have been fought over the past week with the exchange. On June 5, the U.S. Securities and Exchange Commission (SEC) sued the exchange for violating federal securities laws and facilitating the trading of cryptocurrency tokens.

Since then, regulators have moved to freeze the assets of the US subsidiary Binance.US and issued a court subpoena against its CEO Changpeng Zhao, popularly known as “CZ” in the crypto industry. Additionally, Senator Elizabeth Warren has asked the US Department of Justice to investigate the platform’s previous statements to Congress.

Amid these troubles, the exchange recorded more than $3 billion in outflows in the past seven days, according to Defilama. data.

Post-Tether Treasury Transfers $750 Million USDT To Binance In Chainswap Transaction First Appeared On CryptoSlate.

By Jules

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