According to information provided by the blockchain analysis company Arkham Intelligence, on June 12, Tether’s Treasury sent Binance $750 million USDT.

After a $10 test transaction, the transactions were sent in three $250 million batches.

To ensure stable coin liquidity across all chains, the exchange informed users earlier today that it would directly swap 750 million USDT-TRX for USDT-ETH with Tether.

Tether mints 1 billion USDT

On June 12, the chief technology officer of Tether, Paolo Ardoino, tweeted that the stablecoin issuer would mint one billion USDT tokens to replenish its Ethereum blockchain inventory.

The transaction was confirmed by the blockchain analysis firm Arkham, who also stated that this was Tether’s first Ethereum minting since late April. Arkham Intelligence discovered that the stablecoin issuer had only $146 million USDT stored on the blockchain 12 hours ago.

“Authorized but not issued… meaning that this amount will be used as inventory for [the] next period’s issuance requests and chain swaps,” Ardoino stated of the transaction.

Chain trade is a course of moving digital forms of money starting with one blockchain then onto the next. According to Tether’s website, it typically completes this procedure at an exchange’s request when one blockchain has surplus funds and another has deficit funds.

According to CryptoSlate’s data, Tether is still the most popular stablecoin in the crypto industry, with a market cap of $83.38 billion and $20.89 billion in 24-hour volume.

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Regulatory battles

The exchange comes closely following the administrative difficulties that have fought the trade throughout the last week. On June 5, the U.S. Protections and Trade Commission (SEC) sued the trade for disregarding government protections regulation and working with the exchanges of crypto protections tokens.

The regulator has taken action to freeze Binance’s assets in the United States since then. US, and summoned its CEO, Changpeng Zhao, also known as “CZ” in crypto circles, to court. Additionally, Senator Elizabeth Warren requested an investigation into the previous statement that the platform made to Congress.

DeFillama data show that the exchange saw outflows of over $3 billion over the past seven days in the midst of these issues.