Tether And Binance To Perform A Strange Chain Swap For 300 Million USDT. What Does This Mean?

The strange transactions were mentioned on the Internet with a movement of 300 million USDT. Therefore, a post has just appeared on Whale Alert’s Twitter account which stated that cryptocurrency exchange Binance has transferred 300 million USDT to Tether Treasury on the Bitcoin blockchain. Then, Tether released 300 million USDT on the Ethereum blockchain and sent it back to Binance.

Earlier, the Tether company posted on Twitter that such a movement was really planned:

“In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process.”

What Does This Transfer Mean For Crypto Space?

The crypto community was perplexed by the large movement. The main assumptions related to the launch of the new Binance service. In connection with the launching of a division of the exchange in the United States, the platform may need additional liquidity. Therefore, 300 million will be needed when the exchange launches cryptocurrency trading.

Yesterday, the administration of the trading platform announced the launch of the Binance.US service, which will be available to American citizens. On Wednesday, September 18, traders will be able to register accounts on the trading platform. The start of trading is still unknown.

Someone suggests that the swap was performed for the upcoming testing of the Binance futures product.

“The launch of the tests on Binance Futures will certainly bring a lot of liquidity in the coming days.”

Another assumption that should not be excluded from attention is a possible Bitcoin pump. Note, this was a conversion from Omni to the ERC20 protocol.

Therefore, it is not surprising that the crypto community was interested in the future of the cryptocurrency market. Therefore, one of the users wondered what will happen with the 300 million USDT released on the Omni protocol?

“Swap? And who burned the 300k Omni tokens?” user under nickname Lippylipe asks on Twitter.

Earlier, market makers have already used Tether tokens for artificial Bitcoin price pump. Tether has a significant impact on the entire cryptocurrency market. The coin is used for lengthy manipulations with the price of Bitcoin.

Therefore, it is not surprising that many users are waiting for the pump. Which gave them more hope to make a huge profit. Someone expects the growth to $20,000, but the actual scenario around Bitcoin is still no bright.

In recent times, the Bitcoin price does not please its hodlers. Over the past few weeks, the asset has fallen by more than 10%, while the growth rate was near 170% since the beginning of the year.

The whole situation around altcoins is even worse. Therefore, the long-awaited growth of the cryptocurrency market can not only raise the mood of traders but also established the prospects for a new rally.

The post Tether And Binance To Perform A Strange Chain Swap For 300 Million USDT. What Does This Mean? appeared first on Today’s Gazette – Cryptocurrency, Bitcoin News.

Source: Todaysgazette

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