USDT stocks on crypto exchanges have broken all historical records
Total volume of USDT coins stored on crypto exchanges hits record 1.2 billion.
Perhaps exchanges are stocking USDT pending growth demand.
Curiously, Binance faced USDT deficit last month.
International consortium news organizations, developing transparency standards.
IN the last During these days, the crypto community regularly heard news about new issues of the USDT stablecoin. Perhaps someone has already begun to think over where are they going everything these new coins. As it turned out, huge reserves of USDT now accumulate on cryptocurrency exchanges. Coin reserves hit record highs on trading platforms.
Exchanges stock up USDT stablecoins
According to data provided by Glassnode (@glassnodealerts), an analytics resource in the segment blockchain, cryptocurrency stock exchanges were kept on his balance everything more USDT coins, updating previous historical records.
Marketplaces’ interest in stablecoins began to grow yet last year and from the beginning of 2020 of the year we can also observe a steady upward trend. Remarkably, what a massive collapse bitcoin, covered markets two weeks ago, did not have a tangible impact on the attitude of exchanges towards USDT.
$ USDT Balance on Exchanges (1d MA) just reached an ATH of 1,282,118,378.835 USDT
Previous ATH of 1,279,532,697.855 USDT was observed on 21 March 2020
View metric: https: //t.co/Hpeb0LFt3p pic.twitter.com/ UrBhNlTG3Q
– alerts glassnode (@glassnodealerts) March 25, 2020
Over the past week, the Tether project has been issuing new coins almost every day. So, for example, on Tuesday It was printed 180 million new USDT coins. Earlier Tether Total in the three days ending March 20, issued a total of another 240 million USDT.
It seems that the lion’s share of new coins goes straight to the wallets of the exchanges. Let us remind you that last month edition BeInCrypto already told how traders faced difficulties when trying to put on Binance buy orders BTC/ USDT due to USDT deficit.
Are the exchanges taking on too much?
On the one hand, the interest of trading platforms in stablecoins is quite understandable – they are have already become one of the most important pillars of the crypto industry. Moreover, in the context of the global crisis, interest in digital assets secured by dollars USA, may even intensify. This is explained themes, what stablecoins may seem investors an attractive solution linking digital assets and traditional fiat.
However, on the other hand, the massive accumulation of USDT reserves on centralized exchanges can cause and concern for a number of reasons. for example, analysts have long been concerned about the possibility of manipulating the bitcoin market through Tether.
When this exchanges are large holders of other cryptoassets. So, we already wrote earlier, what’s in the cold wallet Coinbase an impressive quantity MTC, close to 1 million, which makes this exchange a “superbank of bitcoins”.
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