$200M worth of Tether (USDT) has just been moved from the Tether Treasury to Binance. The CTO of Bitfinex has since confirmed this is a chain swap being facilitated by Binance.
The Tether Treasury has just moved $200M worth of USDT onto Binance in a massive transfer. However, the move appears to be not fresh money but instead a chain swap that is being facilitated through Binance.
USDT for Chain Swaps
During the last few days, you may have noticed large transfers of USDT between Binance and the Tether Treasury. Yesterday, 200M USDT was minted, however, as the CTO of Bitfinex informed users, this was merely a chain swap from OMNI to Ethereum. Tether is effectively migrating 200M USDT onto Ethereum after its Istanbul hard fork update.
Still, the fact that a chain swap was ongoing didn’t stop crypto-Twitter from widely speculating. Whale Alert (@whale_alert) recently reported of a transfer from the Tether Treasury to Binance. Earlier today, another transfer was recorded from Binance to Tether Treasury. It’s clear that this was a swap of some kind which is being transferred back onto Binance. Read More...