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<div class="cryptonews">
 <p class="is-style-lead">Tron (TRX) founder Justin Sun made several large cryptocurrency <a rel="noopener noreferrer nofollow" title="deposit" href="https://thebittimes.com/tag/deposit.html">deposit</a>s totaling $25.5 million to leading exchange Binance over the past day.</p>
 <p class="is-style-default">According to transaction data from blockchain intelligence firm Arkham, the <a rel="noopener noreferrer nofollow" title="deposit" href="https://thebittimes.com/tag/deposit.html">deposit</a>s were made in three separate transactions from Justin Sun’s known wallet address to a Binance <a rel="noopener noreferrer nofollow" title="deposit" href="https://thebittimes.com/tag/deposit.html">deposit</a> address. The first transfer was for $1.7 million of USD Coin (USDC), followed by $2.8 million of True USD (TUSD) and finally $21 million USDT.</p>
 <p>USDC, TUSD, and USDT are all stablecoins whose values are pegged to the United States dollar. By using these dollar-backed cryptocurrencies instead of a volatile coin like Bitcoin (BTC), Sun likely wanted to avoid significant price fluctuations when the tokens were held in the wallets.</p>
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 <p>The decision to hold multiple stablecoins is likely partially motivated by a willingness to limit losses if one stablecoin collapses.</p>
 <p>Sun could plan to take many potential actions with $27 million at his disposal on Binance. So far there, it is not clear what his intentions are.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Justin Sun moves $1.3M to Binance and $11M of BTT through smart contracts
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/justin-sun-deposits-25-5m-on-binance-tbt66704.html">https://thebittimes.com/justin-sun-deposits-25-5m-on-binance-tbt66704.html</a></p>

Justin Sun deposits $25.5m on Binance

TheBitTimes

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