108 Mln USDT-Tron Moved to Binance, While Tether Prints Another 120 Mln USDT

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Fri, 05/08/2020 - 12:25
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Yuri Molchan
Whale Alert spots immensely sized USDT transactions made to the Binance exchange, as well as Tether minting another 120 million USDT as Bitcoin prepares to breach $10,000
108 Mln USDT-Tron Moved to Binance, While Tether Prints Another 120 Mln USDT
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Bitcoin is preparing to breach the $10,000 resistance level. Meanwhile, Tether has printed another huge sum of its USDT stablecoin.

Many crypto community members believe that the popular dollar-backed stablecoin is closely linked to BTC price action and when Tether emits another hundred million USDT, or about that, some are expecting Bitcoin to surge while others say that USDT is not backed by any actual US dollars.

Several hours ago, the largest crypto exchange, Binance, received a gargantuan amount of USDT and Whale Alert tweeted that another big USDT amount - 120 mln - had been released.

This time, however, the USDT received by Binance was issued on the Tron blockchain.

Binance receives 108 mln USDT-Tron

Whale Alert spotted two mammoth-sized USDT transfers made to Binance addresses. The details of the transactions say that the coins were minted on the Tron blockchain.

The head of Binance, CZ, commented on them, apparently, trying to preempt negative comments in which users often accuse Binance and Tron of working together.

Still, CZ received replies in which Twitter users alleged that USDT is not actually backed by US dollars, calling this stablecoin a β€˜scam’.

USDT
Image via Twitter

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Tether mints another 120 mln USDT

Earlier today, Whale Alert reported that 120 mln was released from the Tether Treasury. Users noted that Tether can actually print new USDT coins at will.

However, the Tether and Bitfinex CTO Paolo Ardoino stepped in, commenting that it was an inventory replenish on the Ethereum Network.

In their sarcastic comments, users have recently been comparing Tether to the Fed Reserve, hinting that the former is printing USDT non-stop, like the Fed is printing USD for the QE stimulus initiative.

Later on, 11 mln USDT was sent from the Tether Treasury to an unregistered wallet.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. β€˜Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.