Stablecoin

Million

<ul> 
 <li><strong>Tether initiates a $100 million transfer to its “Tether Treasury” address.</strong></li> 
 <li><strong>Stablecoins command a massive 94% of the crypto market’s 24-hour volume.</strong></li> 
</ul> 
<p>In a surprising turn of events on October 2, 2023, prominent whale data collector Whale Alert reported two substantial Tether (USDT) transactions worth $50 million each, originating from renowned crypto exchange Bitfinex and directed towards the “Tether <a href="https://thenewscrypto.com/tether-holds-72-5-billion-in-us-treasury-surpassing-major-countries/" rel="noopener noreferrer nofollow">Treasury</a>” address. These transfers took place within a span of just two minutes, fueling speculation about the stablecoin’s role in the crypto market.</p> 
<p>The first <a href="https://whale-alert.io/transaction/ethereum/0xe7a1aee8e3cbfb3e169789deaf4f9e3a3b1cf1bf48de2118e5e73b89d84e174e" rel="noopener noreferrer nofollow">transfer</a>, valued at $50,039,125, occurred at precisely 9:43 am UTC, followed closely by the second transaction, worth $50,038,875, at 9:45 am UTC. The motives behind these transfers remain unclear, leaving the crypto community intrigued.</p> 
<div align="center"> 
 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f911.png" alt="🤑" class="wp-smiley" style="height: 1em; max-height: 1em;"> The amount of <a href="https://twitter.com/hashtag/Tether?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Tether</a> on exchanges has picked up, increasing from 17.6% to 24.7%, approximately the highest amount of <a href="https://twitter.com/hashtag/stablecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#stablecoin</a> buying power in 6 months. The 10 largest addresses have also upped their <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> holdings from $7.30B to $9.42B in 3 months. <a href="https://t.co/NnSgk67WJp" rel="noopener noreferrer nofollow">https://t.co/NnSgk67WJp</a> <a href="https://t.co/NNU5Qxr9bZ" rel="noopener noreferrer nofollow">pic.twitter.com/NNU5Qxr9bZ</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1709122496090485040?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 3, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
</div> 
<p>Notably, Over the past year, stablecoin reserves on exchanges have experienced a consistent decline, beginning around November 2022. However, crypto data collector Santiment revealed that exchange stablecoin holdings rose from 17.6% to 24.7%. This surge represents the highest level of stablecoin buying power seen in the last six months.&nbsp;</p> 
<p>In another noteworthy development, the ten largest cryptocurrency addresses have substantially increased their USDT holdings. It witnessed a remarkable jump from $7.30 billion to $9.42 billion in just three months. This surge in stablecoin accumulation hints at renewed interest from institutional players and high-net-worth investors.</p> 
<p>Moreover, as of now, the collective volume of all stablecoins stands at a staggering $38.73 billion. It constitutes a remarkable 93.89% of the total 24-hour trading volume in the crypto market. This dominance underscores the crucial role that stablecoins play in facilitating liquidity and stability within the volatile crypto space.</p>

Tether Transfers 100 Million USDT to ‘Tether Treasury’ boosting Stablecoin Holdings

TheNewsCrypto

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