Bitfinex Receives 138 Mln USDT from Tether Treasury While 120 Mln USDT Is Minted for Ethereum

News
Sat, 08/01/2020 - 16:00
Yuri Molchan
Tether has minted 120 mln USDT for wiring it to the Ethereum chain and sent massive USDT amounts to major crypto exchanges – Binance and Bitfinex
Cover image via stock.adobe.com
Contents

Earlier today Whale Alert reported that Tether Treasury had issued 120,000,000 USDT. The Bitfinex CTO Paolo Ardoino tweeted that this was a inventory replenish – for the Ethereum blockchain.

Meanwhile, over the past twenty hours Tether Treasury sent gargantuan amounts of USDT to the major crypto exchanges – Binance and Bitfinex.

120 mln USDT minted for Ethereum

According to Whale Alert, Tether has created 120 mln more for issuing on the Ethereum chain. This was confirmed by the Tether and Bitfinex CTO Paolo Ardoino who tweeted that this was an inventory replenish – an authorized but not issued transaction for issuance requests later on.

Currently, the USDT stablecoin exists on several various blockchains, including Ethereum, Tron and EOS. Ethereum-USDT remains the most popular coin among them, although Justin Sun intends to grab that position from Ethereum’s hands.

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Almost similar USDT amount sent to Bitfinex and Binance

Whale Alert also showed that almost the same amounts of the USDT stablecoin have been sent to the major exchanges Binance and Bitfinex over the past twenty-four hours.

Binance received 143.4 mln USDT. 138 mln USDT was sent to Bitfinex. On Friday, Glassnode analytics firm reported a surge in the USDT median transaction volume and Whale Alert has been giving this data an indirect confirmation by posting tweets about new large USDT transfers that kept taking place.

In early May, the Santiment analytics provider shared data proving that there is an inverse correlation between the amount of USDT on crypto exchanges and the level Bitcoin is trading at.

Image via Santiment

However, now that Bitcoin is trading at $11,657 after the recent surge, crypto community members believe that these USDT injections are made for pumping BTC to new highs.

Image via Twitter

 

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.


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