Tron CEO invested 100 million Tether (USDT) in Binance while investing stablecoins on exchanges amid the price drop.
TRON CEO deposits Tether (USDT) on Binance
Many traders are taking advantage of the price drop to boost their cryptocurrency holdings. As you can follow from the news on Kriptokoin.com, the cryptocurrency market has suffered huge losses since last week after the Federal Reserve announced that it would raise interest rates to curb rising inflation. Many traders are converting their crypto assets into stablecoins to avoid further losses. However, other traders see the recent price drop as a big discount and an opportunity to acquire digital currencies.
Based on this, stablecoin deposits on cryptocurrency exchanges globally have continued to increase rapidly in recent times. Many investors, including Justin Sun, founder and CEO of popular blockchain project Tron, have invested substantial amounts of stablecoins on cryptocurrency exchanges. According to crypto media outlet Wu Blockchain, Tron CEO has invested $100 million in Tether (USDT) from the Aave protocol on Binance, the world’s largest cryptocurrency exchange by trading volume. Wu Blockchain shared the following on his Twitter account:
The address specified as Justin Sun (0x3ddfa8ec3052539b6c9549f12cea2c295cff5296) transferred 100 million USDT from Aave to Binance.
It is clear which cryptocurrency Justin Sun will invest this time it is worth noting that the Tron Decentralized Autonomous Organization (DAO) recently followed the steps of Nayib Bukele, the head of El Salvador, to purchase 500 units of BTC. According to experts, with 100 million USDT recently transferred by the Tron founder, it wouldn’t be surprising if Sun decides to support Tron DAO Bitcoin assets.
Stablecoin deposits on exchanges soared
Alongside Justin Sun’s USDT deposits, the number of stablecoin deposits on cryptocurrency exchanges has grown tremendously. Glassnode, a cryptocurrency data monitoring service, announced yesterday that USDT has been deposited from external wallets to exchanges, reaching a one-month high of 416,719.
Similarly, the trading volume for USD Coin (USDC) is 11 reached a monthly high of $539.7 million. Glassnode stated that USDC transaction volume last reached $538.49 million on January 28, 2022.