- Tether minted $3 billion USDT in just one week.
- $3.22 billion USDT flowed from Tether Treasury since August 5.
- $1.75 billion was channeled into major exchanges via Cumberland.
- $1.29 billion USDT landed at Kraken through deposit address “TQef1”.
Tether’s Massive Mint: $3 Billion USDT in a Week
Lookonchain reported Tether, the issuer behind the largest stablecoin, USDT, minted an astonishing $3 billion in just one week, triggering curiosity about where this freshly minted stablecoin ended up. On-chain data has revealed a massive flow of $3.22 billion USDT leaving Tether’s Treasury since August 5, creating waves in the crypto market.
So, where did this surge of stablecoin liquidity find its destination?
Tracing the Flow of $3.22 Billion USDT
On-chain analytics tracked the flow of $3.22 billion USDT, showing that it was transferred from Tether Treasury to various exchanges. Interestingly, out of this vast sum, $1.75 billion USDT found its way into major exchanges like Kraken, OKX, Coinbase, Binance, and Bullish.com. This transfer happened via the prominent trading firm, Cumberland, which often handles large-scale crypto transactions.
Cumberland’s involvement indicates institutional-level trading, which could signal either the movement of liquidity for trading purposes or preparation for upcoming market activity. Given the size of these transfers, it’s likely that this capital injection will play a significant role in the liquidity of these exchanges.
Kraken’s $1.29 Billion USDT Influx
Among the recipients, Kraken stood out with a significant portion of the USDT inflow. The exchange received $1.29 billion USDT through a specific deposit address identified as “TQef1.” This large sum arriving at Kraken suggests that significant trading activity may be underway, or perhaps a large entity is preparing for a major move within the market.
With Kraken being one of the largest and most trusted crypto exchanges, this huge deposit indicates a strategic positioning by market players. The exact reason for this sizable transfer remains unclear, but it could be linked to increased trading activity or market-making efforts.
Tether’s continuous minting of USDT and the subsequent massive transfers underscore its pivotal role in the crypto ecosystem. The recent inflows to exchanges could be a precursor to significant market activity in the coming weeks.
