Binance to Transfer 1.25 Billion USDT
Today, June 16th, cryptocurrency exchange Binance warned users about the movement of 1.25 billion USDT in internal chains. Thus, the platform is trying to stop any possible panic rumors, writes RBC Crypto.
The transfer is expected to take place today around 09:30 UTC (12:30 Kyiv time). At this time, Binance accounts will see an outflow of the indicated amount of USDT.
The exchange noted on its Twitter page that this is necessary to maintain liquidity balance. The platform will exchange 1.25 billion USDT-TRX for USDT-ETH directly with the Tether team.
The company urged not to regard this as a “drain” or rebalancing:
Such a precaution is not superfluous at all, given that USDT lost its peg to USD yesterday. At the same time, the share of the stablecoin in the pools of Curve Finance and Uniswap is still at a fairly high level.
In such a situation, the actions of any major asset holder are under close scrutiny. The reckless movement of capital can lead to a panic in the market, and then to the “domino effect”.
This was also noted by one of the commenters under the Binance post:
Note that yesterday, June 15, Tether CTO Paolo Ardoino gave a fresh comment on the situation. He stated that such a scenario serves as a good stress test.
Source: bitcoinlinux.com
