- Whale alert tweeted 999,455,988 USDT transferred from Tether to Binance.
- USDT continues to dominate the stablecoin market.
On March 21 Tether minted 1 billion USDT on the Tron Network. This follows the billions of stablecoin that it has minted over the last week. In the last seven days, Tether has minted 4 billion USDT.
Tether’s mintings have come as the stablecoin sector is facing increased competition, with Tether attempting to attract investors away from the other stablecoins. Tether has benefited from the issue USDC faced, with increasing minting demand for USDT. Tether may be one of the dominant stablecoin issuers in the market for now.
USDT Moved from Tether To Binance
Whale Alert, the tracker of stablecoin transactions, reported that there are 166 million USDT transferred from the Tether treasure to the Binance. According to Whale Alert, the transaction split into two times. Firstly 99,455,988 USDT (99,626,057 USD) was transferred from Tether Treasury to the crypto exchange Binance. And then 66,933,166 USDT (66,953,246 USD) was transferred from Tether Treasury to Binance.
Tether has faced a lot of scrutiny recently after the Wall Street Journal investigation claimed that its partners used fraudulent documents to give the company access to the bank accounts. But the report stated that Tether has used its shell companies for bank access in 2018.
According to CoinMarketCap Tether is in the 3rd rank in the token list. Its dominance in stablecoin is at its highest point in the last 18 months. Tether has maintained its supply backed by its reserves. It also increased the percentage of reserves held in the treasury bills to 58%.
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