Binance will conduct a $1.25 billion swap with the Tether team to ensure stablecoin liquidity across all networks.
Binance made an interesting announcement today. The popular cryptocurrency exchange announced that it will be working on stablecoin liquidity at 12:30 today.
At 12:30 today, Binance will be working with the Tether team to strengthen stablecoin liquidity across all networks. Binance and Tether will swap $1.25 billion USDT-TRX liquidity for USDT-ETH liquidity.
Announcement from Binance: Funds are Safe!
Binance made an announcement because it knew that the exchange process to provide stablecoin liquidity would be reflected in the blockchain records. “If you see significant USDT movements in our wallets today, that’s why,” Binance said. He explained what he was going to do.
Binance will trade with the Tether team. In this swap, Binance will give $1.25 billion USDT-TRX liquidity and in return, it will receive USDT-ETH liquidity from Tether.
The cooperation between Binance, which is shown as the world’s largest crypto exchange, and Tether, which is shown as the world’s largest stalbecoin issuer, drew attention. The exchange asked its users not to panic against the wallet transactions that will occur as a result of the swap transaction. The exchange reiterated that user funds are safe.
In these turbulent days, Binance continues its efforts to consolidate liquidity. Previously, Binance delisted BUSD trading pairs, tying liquidity into a tight area. Soon after, Binance began stopping credit transactions in many volatile cryptocurrencies.
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