blockchain
Tether intends to increase the USDT offer on the Ethereum blockchain, said Paolo Ardoino, technical director of the Bitfinex exchange affiliated with Tether. So he explained the recent large USDT transactions that some users seemed suspicious.
We are seeing an increase in issuance of Tether on ETH, especially since one week ago. Bitfinex and Tether ERC20 and viceversa. So we need to balance our books on demand.
– Paolo Ardoino (@paoloardoino) May 29, 2019
In particular, a post appeared yesterday on the Whale Alert Twitter account that Tether transferred 25 million USDT from its own repository to Bitfinex, and after a few minutes the coins were sent back.
? ? 25,000,000 #USDT (24,923,699 USD) transferred from Tether Treasury to #Bitfinex
Tx: https://t.co/8kMFMtEFrn
– Whale Alert (@whale_alert) May 29, 2019
? ? 25,000,000 #USDT (25,258,528 USD) transferred from #Bitfinex to Tether Treasury
Tx: https://t.co/59dGmk39Xc
– Whale Alert (@whale_alert) May 29, 2019
Then, with Bitfinex, another 10 million USDT were moved to the Tether repository.
9,985,000 #USDT (9,942,776 USD) transferred from #Bitfinex to Tether Treasury
Tx: https://t.co/gBZIUMKJlH
– Whale Alert (@whale_alert) May 29, 2019
Ardoino noted that the operation is related to the conversion of USDT tokens issued on the Omni protocol into assets on the Ethereum blockchain.
“We are seeing a rise in Tether emissions at ETH, especially during the last week. Bitfinex is also often used by traders as an exchange center for traders to move Tether coins between Omni and Ethereum and vice versa. Therefore, we have to balance in accordance with the demand, ”the Bitfinex STO said.
At the same time, Ardoino stressed that now there are no requests for the redemption of the USDT, while users impose demand for new coins.
Recall that in April, Tether also began issuing USDT coins based on the Tron blockchain.
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