The analytical company Glassnode has shared data showing that over the past twenty-four hours, investors and traders have been putting almost double the amount of USDT onto crypto exchanges compared to previous figures.
The difference constitutes almost three million USDT.
More USDT moved to exchanges
According to the data shared by Glassnode, over the past twenty-four hours, the inflow of Tether stablecoin to crypto exchanges has increased 47.1 percent. It now totals 8,425,145.579 USDT, compared to the previous value of 5,726,796.594.
📈 $USDT Exchange Inflow (2d MA) increased significantly in the last 24 hours.— glassnode alerts (@glassnodealerts) May 18, 2020
Current value is 8,425,145.579 USDT (up 47.1% from 5,726,796.594 USDT)
View metric:https://t.co/Gum1lpY71d pic.twitter.com/leXryEhLrj
Tether’s stablecoin is the most popular USD-backed cryptocurrency ranked 4 on CoinMarketCap with USDT being the most frequent coin traded against BTC on crypto exchanges.
Many investors have been using Tether to secure their funds during the recent lockdown, when Bitcoin crashed on March 12.
Tether often prints an additional amount of USDT from 10 mln to 100 mln to support the growing demand for the stablecoin.
However, many investors and traders are doubtful that USDT is fully backed by the US dollar, even if Tether insists on the opposite.
Huobi moves 100 mln USDT to an anonymous wallet
Over the past several hours, the major Huobi exchange made four separate transactions to anonymous wallets, each bearing 25 mln USDT, according to Whale Alert.
The details of the transfers show that those funds were moved inside the exchange.
Tether Sends 60.3 mln USDT-Tron to Binance
Whale Alert has also detected 40.3 mln USDT-Tron moved from the Tether Treasury to Binance. A few days ago, on May 16, 20 mln USDT-Tron was sent between the same companies.
As of October last year, Binance is a highest-ranked Super Representative for the Tron ecosystem and has also added TRX staking.
Previously, the Tron CEO Justin Sun and the head of Binance, CZ, collaborated – Binance launched the BitTorrent IEO on its launchpad with TRX being one of the coins used for purchasing BTT.
Now some in the community speculate that Binance and Tron might be expanding their collaboration to a larger scale.