Tether transfers 500 million USDT to Binance

TechFlow reports that, according to Whale Alert, on October 30 at 01:28 (Beijing time), 500 million USDT (worth approximately $499.8 million) were transferred from the Tether Treasury address to the crypto exchange Binance.

The Tether Treasury is the official address used by Tether to issue and distribute USDT. Large USDT inflows from this address directly to exchanges are typically seen by the market as one signal of increased on-exchange stablecoin liquidity, but they do not necessarily translate into immediate buying demand. At press time, neither Tether nor Binance had commented on the purpose of the transfer.

Source: TechFlow