Amid the current market crash, $1 billion worth of USDT was transferred from Tether’s treasury to Binance.
The past couple of days were particularly devastating in both the cryptocurrency and the legacy markets.
During Saturday’s trading session, Bitcoin’s price crashed to a low of around $34,000 on Binance, and it’s currently trading at around $35K, struggling to hold above that level.
Now, Whale Alert detected that $1 billion worth of USDT was transferred from the Tether Treasury to Binance.
— Whale Alert (@whale_alert) January 22, 2022
Tether was quick to explain what happened.
In few minutes, Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 2B USDT. The tether total supply will not change during this process.
This means that Tether has not printed any fresh USDT and is just deploying coins from Tron to Ethereum, sending them to Binance.