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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.
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