Tether upstages expectations as massive amounts get transferred on the back of OKEx’s new support

Cryptocurrency transfers have always been the primary pointer of checking if a digital asset was surviving the crypto rat race or not. Tether, the largest stablecoin in the market, has had a way of making the news, albeit with controversies and issues. Today, on November 2, however, WhaleAlert, the popular cryptocurrency data aggregator, spotted that a massive amount of USDT was transferred from an unknown wallet to Binance.

Whale Alert reported that 33.99 million USDT worth $33.901 million was transferred from the unknown wallet with hash cfe66ee473baa88bc08a6f5d9777928c3518b05a1260d37469f87d47067ae247 and on the Tron blockchain.

The owner’s address of the wallet was TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q with Tron ensuring that security is maintained to a high standard. The contact address for the trigger smart contract was TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t, with just 0 TRX getting burned in the transaction process.

The unknown wallet held an address of TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q and had a total balance of 591.397 million TRX worth 9.766 million. The wallet also contained small amounts of BitTorrent and mainstream TRX tokens. The Binance address had an address of TAUN6FwrnwwmaEqYcckffC7wYmbaS6cBiX and posted the transfer; the total balance of TRX on the exchange was 8.953 billion TRX worth $147.856 million.

The Tether and Tron community were truly ecstatic after the announcement, with many of them calling it the “pump phenomenon” and supporting Changpeng Zhao, the Chief Executive Officer [CEO] of Binance, a visionary.

OKEx’s new Tether steps

Despite the several issues clouding the stablecoin organization, Tether received another boost when popular cryptocurrency exchange OKEx decided to launch cryptocurrency futures contracts settled in USDT.

The exchange will offer support for USDT pairs linked to Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Tron, Bitcoin SV [BSV], and XRP. OKEx Financial Market Director, Lennix Lai gave his two cents on the new decision by stating:

“Most of the time, users are not willing to hold altcoins as margin, and they also see inverse contracts itself are complicated to understand. We see this linear contract would be an open door to many new retail traders.”

Lennix Lai added,

“We would continue to research and add stablecoin-based derivatives so to offer a simpler hedging instrument for traders who normally book their profit and loss in USD value.”

At press time, Tether was trading for an exact $1 with a total market cap of $4.127 billion. The cryptocurrency had a 24-hour volume increase to $25.647 billion. Coinsuper, another cryptocurrency exchange, held the lion’s share of Tether trade, overseeing $763.76 million worth of transactions.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.