Tether transfers 12M USDT to Binance from the Tether Treasury as the stablecoin seems to be making big moves

Tether has transferred 12M USDT to Binance from Tether Treasury.

Tether transfers 12M USDT to Binance

Whale Alert reported that 12 million USDT were transferred from Tether Treasury to an unknown wallet. Whale Alert reported the transaction through its Twitter account. These funds were subsequently moved to Binance all with a transfer fee of just 0.07 dollars. The transfers took place on the Ethereum blockchain.

The transfer stirred up the crypto ecosystem suggesting that a huge move was underway. However, things did not go the way people were hoping it to as the price of bitcoin declined. Bitcoin’s price dropped below the key position of 7,000 dollars and is currently hovering around 6920 dollars.

Tether is continuing its irregular market movement but seeing as it has been moving large amounts of assets recently, things could be changing soon. USDT trading volume has decreased significantly and the asset’s market cap has gone static.

Meanwhile, other stablecoins have been seeing a rise in their market in 2019 including Coinbase’s USD coin (USDC). USDC has managed to become the second-largest stablecoin project after only one year of its launch. Regardless, it is still quite a way from reaching Tether’s $4.1B market cap.

Perhaps, Tether is feeling from its Bitfinex controversy that continues to haunt it. In summer of 2019, the New York Attorney General (NYAG) Office submitted a report claiming that Tether and Bitfinex traded illegally in New York. The claim was that Tether and Bitfinex traded even after the registered period was over.

NYAG also claimed that Tether funds were used to balance the finances at Bitfinex after it faced a huge loss at CryptoCapital. Regardless of what the reason is Tether markets have slowed down.

However, the markets being slowed down does not mean that large transactions are not occurring. Recently over 200 million dollars worth of Tether was moved on the Ethereum blockchain using Binance. The same period saw a whale moving 85 million dollars worth of Tether for a trade fee of 0.03 dollars.