Tron (TRX) founder Justin Sun has come to the fore again with his latest move. Sun, 250 million according to on-chain data USDT cryptocurrency moved the exchange to Binance.
Justin Sun’s Transfer Presumed To Be Related To The New Trading Pair On Binance
Although the purpose of this transfer is not yet known for certain, it is thought to be related to the newly released margin USDC/USDT pair by Binance. The pair in question was traded at 20:00 Turkish time and according to the statement of Binance officials, leverage of up to 30x can be used.
It was also noteworthy that Justin Sun minted the aforementioned USDT tokens directly through the Tether treasury. However, Justin Sun transferred only $ 250 million of the $ 400 million minted to Binance. It is not yet known what he will do with the remaining amount.
Circle said on Saturday that it would “close any gap” in assets backing the stablecoin USDC if it fails to reclaim all of its $3.3 billion cash reserves held at Silicon Valley Bank.
After the decline in the USDC token, many crypto exchanges added USDC stablecoin pairs to their structures. However, the most traded futures contract on most exchanges was USDC pairs.
Circle said in a blog post that it will “stand behind USDC and close gaps if needed using institutional resources, including outside capital.”
Circle was holding USDC’s $3.3 billion cash back at Silicon Valley Bank when the FDIC seized the bank’s assets on Friday.
*Not investment advice.
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