Crypto News

Tether Treasury Sends $750M USDT to Binance in Chain Swap Transaction

Tether Treasury Sent $750M USDT to Binance on June 12th statistics From blockchain analytical firm Arkham Intelligence.

Transactions were sent in three batches of $250 million each, followed by a $10 test transaction.

Earlier today, Exchange informed Users that it will directly swap 750M USDT-TRX for USDT-ETH with Tether to ensure stablecoin liquidity across all chains.

Tether minted 1 billion USDT

Earlier on June 12, Tether CTO Paolo Ardoino had tweeted The stablecoin issuer will mine 1 billion USDT tokens to replenish its inventory on the Ethereum blockchain.

blockchain analytical firm arkham Confirmed transaction, adding that it was the first Tether mining on Ethereum since late April. Arkham Intelligence reported that the stablecoin issuer only held $146 million USDT on the blockchain 12 hours ago.

Ardoino said that the transaction was “authorized but not issued… which means that this amount will be used as inventory for the next period of issuance requests and on-chain swaps.”

Chain swap is a process of moving cryptocurrency from one blockchain to another. According to Tether’s website, it usually performs this process at the request of an exchange with surplus funds on one blockchain but a deficit on another.

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

regulatory battle

The transaction comes on the heels of regulatory troubles that have battled the exchange over the past week. On June 5, the US Securities and Exchange Commission (SEC) sued the exchange for violating federal securities law and facilitating the trading of crypto securities tokens.

Since then, the regulator has moved to freeze the assets of its US subsidiary, Binance.US, and issued a court summons to its CEO, Changpeng Zhao, widely known in crypto circles as “CZ”. goes. Additionally, Senator Elizabeth Warren urged the US Department of Justice to investigate Munch’s previous statements to Congress.

Amidst these issues, the exchange recorded an outflow of over $3 billion during the past seven days, according to Dfilama. statistics,

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