Bullish? 3 Billion USDT Entered These Crypto Exchanges in Just 3 Days: Data
Tether Treasury has been actively minting USDT tokens amidst choppy market conditions.
In the latest development, $3 billion worth of USDT tokens were mined by the Tether Treasury within a period of three days, according to an update by Lookonchain.
The tokens were then distributed across the Ethereum and TRON blockchains. This surge in USDT minting has sparked curiosity regarding the destination.
Since April 1st, approximately $2.55 billion USDT has flowed into prominent crypto exchanges, including Binance, Bitfinex, Kraken, and Coinbase.
Notably, Bitfinex received $1.018 billion USDT, while Kraken and Binance witnessed an inflow of $824.1 million and $614.6 million worth of the largest stablecoin. Meanwhile, Coinbase received $93.8 million USDT during the same period.
These USDT inflows raised questions among the community about whether investors who were sitting on the sidelines for now are preparing to enter the market. Prices have been falling recently, which provides a good buy-the-dip opportunity.
Tether has seen a monumental surge in its dominance over the past years.
With the widespread rebound in digital assets price this year, USDT surpassed $100 billion in market cap as it continued to command the lion’s share of the stablecoin market.
The latest development comes days after the stablecoins issuer expanded its Bitcoin holdings with the acquisition of 8,889 BTC, valued at approximately $627 million. This purchase boosted Tether’s Bitcoin reserves, bringing them to a total of 75,354 BTC.
This move was part of its broader plan to allocate up to 15% of corporate profits from surplus USDT stablecoin reserves into Bitcoin.
Tether also announced completing the System and Organization Controls (SOC) 2 Type 1 Audit, which is deemed as the first step towards achieving the highest level of security compliance.
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