500 Million USDT Moves From Binance to Tether Treasury on Oct. 21

A transfer of 500 million Tether (USDT) moved from Binance to Tether Treasury on Oct. 21, shifting a substantial amount of the dollar-pegged asset from an exchange to its issuer. The transaction’s estimated dollar value was $499,762,249, or about $499.8 million. The 500 million figure counts the tokens transferred, while the dollar figure states their approximate value. USDT is Tether’s stablecoin, pegged to the U.S. dollar. Stablecoins are crypto assets designed to track a reference currency, and USDT is a critical source of liquidity in crypto trading. Binance is a crypto exchange, and Tether issues USDT. Tether Treasury was the receiving destination, putting the token’s issuer at the receiving end of the movement. Traders are monitoring USDT demand and trading activity following the transfer.

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