2 Billion USDT Moved From Tron To Ethereum
- Tron about to lose an enormous about 2 billion USDT to Etherum later today.
- Crypto community debates about the most significant cryptocurrency.
- Yet another tweet by Peter Brandt
Paolo Ardoino, the Chief Technical Officer at Tether Ltd., made a tweet earlier today that has spread like wildfire.
He took to his Twitter account to announce that 2 billion USDT will be pushed into Ethereum from Tron later today.
Even though these transfers often happen, so far, this has been the highest amount transferred lately.
Tron Loses 2 Billion USDT To Ethereum In 24 Hours For The First Time
According to Tether Chief Technical Officer Tweet, the token transfer drains 23% and will be transferred in conjunction with a 3rd party.
As this news continues to sizzle across the crypto community, many people wonder if the most critical and biggest stablecoin in the crypto space is stable in the first place.
This has given birth to an old debate and controversy eating deep into the crypto world, but who will answer these questions?
In his exact words, Paolo Arduino, the Chief Technical Officer of Tether and the cryptocurrency exchange Bitfinex, told coindesk that “we’re not sure that anyone could have foreseen this level of growth and use cases of tether at the very beginning. We were confident that it was a useful token but didn’t anticipate quite how useful it could be”
The Second Biggest Cryptocurrency
Due to the recent surge of USDT into Ethereum from Tron, Ethereum is now the second-largest cryptocurrency after Bitcoin due to its significant rise, which has resulted in an increase in its price to $1,567 for the first time.
This growth is also influenced by a continuous hike of the Ethereum based DeFi sphere, which took place in December 2020, and the expected launch of ETH-based futures on CME come February 8th.
Because of these, stockholders are locking their ETH in the Ethereum 2.0 contract, and the total value of ETH locked now is up to $4.09 billion, coming from data shared by Glassnode.
Peter Brandt Speaks Against USDT
Recently, Peter Brandt has published two tweets that look and feels anti-USDT.
In one of them, he says that when he buys Bitcoin, he is only going to do it using dollars and not USDT.
“No USDT for me,” he said.
His reason is that, according to him, using USDT for leverage on crypto exchanges, which does not require a transaction using USD is likely to lead to Bankruptcy.
But his primary reason for outright rejecting USDT and criticizing at every slight opportunity he grabs is because USDT is no different from the federal reserve and other central banks like fiat.
In his recent tweet, he said USDT is just like an accident, waiting to happen because, from what he thinks, USDT was made out of thin air.