Tron (TRX) founder Justin Solar made a number of massive cryptocurrency deposits totaling $25.5 million to main alternate Binance over the previous day.
In keeping with transaction data from blockchain intelligence agency Arkham, the deposits had been made in three separate transactions from Justin Sun’s recognized pockets handle to a Binance deposit handle. The primary switch was for $1.7 million of USD Coin (USDC), adopted by $2.8 million of True USD (TUSD) and eventually $21 million USDT.
USDC, TUSD, and USDT are all stablecoins whose values are pegged to the US greenback. By utilizing these dollar-backed cryptocurrencies as an alternative of a risky coin like Bitcoin (BTC), Solar seemingly wished to keep away from important worth fluctuations when the tokens had been held within the wallets.
The choice to carry a number of stablecoins is probably going partially motivated by a willingness to restrict losses if one stablecoin collapses.
Solar might plan to take many potential actions with $27 million at his disposal on Binance. Up to now there, it isn’t clear what his intentions are.