Tron founder Justin Sun clears rumors surrounding large transactions by way of his accounts in current weeks. He mentioned the rumors of cashing out USDC stablecoin are false and the transactions with Circle are solely inside fund sorting and allocation. Justin Sun stays extremely bullish on crypto and blockchain, in addition to seems to be to extend hiring.
Justin Sun: USDC Cash Out Are Rumors
Tron founder Justin Sun in a tweet on October 21 revealed the explanations behind the current USDC transactions to Circle. Until now, Justin Sun has transferred almost $236 million to Circle within the final 3 weeks.
He mentioned the transactions with Circle aren’t USDC money out, however solely inside fund sorting and allocation. There are many repeated USDC transactions with Circle. The fund allocation will improve because the enterprise grows.
Justin Sun stays optimistic about crypto and blockchain developments. Moreover, there are plans of accelerating recruitment, in addition to improve holdings of TRX, HT, and different TRON sequence of Domenico fiat currencies.
“The rumor of cashing out is not true. The transaction with USDC Circle is only internal capital deployment with double counting. We are highly bullish on crypto, recruiting vigorously, increasing our holdings of Dominica legal tenders.”
In the final 24 hours, the tackle marked as Justin Sun moved 50 million BUSD from Aave V2 and transferred 70 million to Paxos. Also, one other tackle exhibits a withdrawal of 72 million USDC from Binance and transfers it to Circle.
Previously, Justin Sun moved $165 million in USDC from Aave V2 to Circle and 20 million TUSD from Aave V2 to Binance on October 14. Also, he had withdrawn $100 million USDT from Aave V2 on October 17 and transferred $100k TUSD to a different tackle funded by Poloniex.
Massive quantities of transactions have been recorded after he turned a member of the Global Advisory Board of Huobi. It raised hypothesis over whether or not it has to do with current Huobi relations or crypto market volatility.
USDC Market Cap Falls Amid Crypto Winter
USDC market cap fell beneath $44 billion from $55 billion in the previous couple of weeks. Despite efforts by Circle to extend retail and institutional adoption of USDC in Web3 and DeFi, an absence of curiosity and belief in USDC stablecoin by merchants continues to decrease its market cap.
Meanwhile, the USDT market cap has increased in the last 2 months. The elevated regulatory scrutiny and the crypto winter have impacted stablecoin adoption.
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