Just a couple of weeks after we saw $200 million in Tether tokens transferred between crypto exchange, from Bitfinex to Huobi, another $70 million has moved out today from the Tether Treasury.
Thanks to a tweet from @whale_alert, the crypto transaction tracker has posted the evidence of the reallocation of 70,000,000 USDT (equivalent to roughly $69.9 million at press time).
While the previous transfer was to a known destination, we at least know this one is to an unknown wallet.
70,000,000 #USDT (69,986,646 USD) transferred from Tether Treasury to unknown wallet
Tx: https://t.co/30dRfjIFoX
— Whale Alert (@whale_alert) March 9, 2021
The market capitalization of Tether’s USDT stablecoin has recently surpassed $37 billion, further helping it cement its position as the world’s largest stablecoin.
Tether, which is closely affiliated with crypto exchange, Bitfinex, works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s SLP, Ethereum, EOS, Liquid Network, Omni and Tron.
Of note, Tether generally has a higher trading volume than Bitcoin. This reflects that the stablecoin is being used more often than the No.1 cryptocurrency to move money around.
Tether, which is ranked the 5th biggest cryptocurrency by market cap, has been rising rapidly in the last two months amid growing institutional and corporate demand. Year-to-date, the token added $16 billion, which is greater than the combined market capitalization of all rival stablecoins.
For comparison, the market cap of this dollar-pegged coin stood at $20 billion as of January 1. Then, it soared to $26 a month later. Tether has seen roughly half of its aggregate market cap achieved in the last three months.
Additionally, February’s rally was supported by the news that Bitfinex allegedly paid back another $550 million to Tether, now covering more than 100 percent of its $750 million loan facility they took out two years ago.
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