Binance, Bitfinex, others are seeing massive stablecoin inflows
that Binance exchange, Bitfinex, Kraken and FalconX are among the top destinations for some of the stablecoin deposits by market whales.
In one of the funds sent, as captured by the analytics firm, as much as 65,000,000 USDT worth $64,993,500 was transferred from an unknown wallet to Bitfinex. Binance recorded a series of these humongous inflows in different tranches, including one 50,989,985 BUSD transaction worth $51,015,480 that was transferred from Paxos Treasury to Binance.
Binance also received two other deposits from Paxos Treasury, including one of 60,081,112 BUSD and another of 88,888,888 BUSD. From the alerts published by Whale Alert, other exchanges like FalconX also saw remarkable inflows from an unidentified wallet featuring 51,000,000, worth more than $50.9 million.that the exchange's BUSD stablecoin has not always been fully backed.
One important observation on the Whale Alert platform also showed that Paxos Trust has minted more than 156 million BUSD over the past 24 hours. As such, its push to send the funds to Binance may be for safekeeping through the exchange's custody program. While there are many ways these actions can be explained, it will be hard to tell if these rising exchange balances will be for the short-term benefit of the industry.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments.
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