Tether tokens (USDT) continue to replenish the digital wallet of Kraken crypto exchange.
Less than two weeks ago, about 21.6 million tokens were on the Kraken’s USDT-wallet. Then the platform took 22nd place in Tether Rich List. At the time of the publication, there are 47.116.383 USDT on the balance of the wallet exchange.
Probably, traders began to actively transfer the stablecoins to the crypto exchange against the background of abnormal asset volatility this week. At a certain point, the USDT rate paired with the fiat dollar was only $0.85 on the platform.
Kraken is one of the few places where a token that raises a lot of questions and doubts in the crypto community can be converted into U.S. dollars. The exchange offers only one pair with Tether - USDT/USD and Kraken traders cannot exchange USDT for other cryptocurrencies. Other largest holders of tokens are Bittrex, which is directly affiliated with Tether; Huobi and Binance.
WHY IS IT IMPORTANT?
- USDT has always been an ambiguous asset. Its creators claim that it is fully secured with fiat money and even provide audit data. However, this does not reassure the crypto community.
- Last week, Tether has caused a new wave of rumors. Recall that on Monday morning the price of bitcoin showed a rapid growth, approaching $7,800 on the Bitfinex stock exchange, while the USDT rate fell by 6% against the U.S. dollar, to which it is pegged at a ratio of 1:1. Experts believe that the sale of the digital asset was caused by traders' fears that the token might not have the necessary security in fiat. Thus, players of the crypto market secured themselves against a possible devaluation of the asset.
- It is likely that the influx of tokens to the Kraken crypto exchange may also be dictated by the concerns of traders. Social network users have already wondered why traders should so actively transfer USDT to Kraken. And many crypto enthusiasts agreed that such a movement is due to the fact that on the site you can get USD in exchange for a token.