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Binance Receives 166M USDT from Tether’s Reserves

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Last Monday, March 21, tether minted USDT worth $ 1 billion on the Tron Network. As a result, at the end of the whale warning publications, it was found out that up to 166 million USDT has been transferred to Binance exchange from Tether’s treasury.

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Whale alert

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At first, there was a whale alert that showed that 99,455,988 USD the equivalent of 99,626,057 USD has gone out from Tether’s treasury and received by the Binance crypto market.

Later, the alert stated that 66,933,166 USDT has been transferred from the tether to Binance equal to 66,953,246 USD.

whale alert

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Is Tether Suspicious?

In recent times, tether has been receiving noticeable attention because of an investigation carried out by Wall Street Journal.

During the investigation, it was reported that Tether’s business partners made use of forged paperwork to give the firm access to bank accounts.

However, the investigation uncovered that since 2018, tether has gotten bank account access through its shell businesses.

Tether Creations are Increasing

Right behind the organization minting billions of USDT last week, tether mints began to rise. Tether has minted an extra $4 billion worth of USDT the previous week.

Even though the stablecoin sector is experiencing high levels of competition, stablecoin minting still happened. It seems that tether intends to entice investors away from the other stable cryptos and direct them to themselves.

It may seem that this connection is presently among the top outstanding issuers of stablecoin you can get in the market.

However, many people are still showing concerns about the ultimate expiration of stablecoins like; USDT.

Stablecoins Guide

What are They?

Stablecoins are digital currencies that are promoted by conventional stable assets such as; precious metals or fiat currency to maintain price stability.

They are created to sustain crypto assets and traditional finance by combining the price stability of fiat currency and the security and transparency of blockchain technology.

How does It Work?

Typically, stablecoins work by holding a traditional stable asset in a firm’s account to stabilize its price.

The majority of the stablecoins assure almost equivalent value to the United States dollar. Also, in every stablecoin that was issued, there is a comparable US dollar kept in reserve.

Theoretically, you can redeem 1 stablecoin for 1 US dollar. But then, it is not every stablecoin that can retain its peg to the fiat currency. Most stablecoins depend on extra mechanisms to maintain their peg.

An example is the Maker’s Dai token. The Dai token is collateralized with ETH and other Ethereum-based assets to purchase its dollar equivalent amount on an exchange.

Also, it may lock away the ETH or ERC20 tokens within the Maker Protocol smart contracts and be issued with DAI in exchange.

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