• Tether Treasury moved 166M USDT to Binance on March 22, 2023.
• Tether has minted 4 billion USDT in the last 7 days and is dominating the stablecoin market.
• Whale Alert reported 999,455,988 USDT transferred from Tether to Binance.
Moved of 166M USDT to Binance
On March 21 Tether minted 1 billion USDT on the Tron Network following the billions of stablecoins that it has minted over the last week. Whale Alert tweeted 999,455,988 USDT transferred from Tether to Binance with two transfers of 99,455,988 and 66,933,166 respectively.
Dominance of Stablecoin Market
USDT continues to dominate the stablecoin market as it attempts to attract investors away from other stablecoins such as USDC which faced increasing minting demands for USDT. According to CoinMarketCap Tether is in 3rd rank in token list and its dominance in stablecoin is at its highest point in 18 months with a supply backed by reserves increased percentage of reserves held in treasury bills up to 58%.
Wall Street Journal Investigation
Recently there’s been an investigation done by Wall Street Journal claiming that partners used fraudulent documents granting access to bank accounts for Tether but only back in 2018 when using shell companies. Despite this scrutiny, Tether managed to remain one of the dominant issuers within this sector.
Binance Replaces BUSD With USDT
Binance announced that they replace their BUSD stable coin with TUSD and USDT into their ‘SAFU’ fund which goes against one of their previous announcements where they were against replacing any other coins with new ones due to the risks involved. This decision shows how much trust people have put into the value and security provided by these currencies like USDT in terms of investment and trading within crypto markets nowadays..