u.today
According to a Tuesday post by Whale Alert, the account that tracks major cryptocurrency transfers, 100 million Tether ($USDT) tokens were transferred on the Ethereum blockchain from Tether Treasury, the central wallet controlled by the stablecoin issuer, to the Bitfinex exchange.
A similar transfer of 127 million $USDT took place last week on June 27. On June 25, 148 million $USDT was sent to an unknown wallet.
The most recent transaction was preceded by 100 million $USDT being sent from Bitfinex to Tether Treasury on the Tron blockchain.
Hence, the move recorded on Tuesday is most likely a chain swap, which involves transferring $USDT from one blockchain to another. The Bitfinex exchange was acting as an intermediary.
On June 22, Tether minted a total of 2 billion tokens at the Tether Treasury. Other major minting events took place on June 18.
According to the data provided by CoinGecko, the total market cap of $USDT currently stands at $157 billion.