Justin Sun deposits $25.5m on Binance
Tron (TRX) founder Justin Sun made several large cryptocurrency deposit s totaling $25.5 million to leading exchange Binance over the past day. According to transaction data from blockchain intelligence firm Arkham, the deposit s were made in three separate transactions from Justin Sun’s known wallet address to a Binance deposit address. The first transfer was for $1.7 million of USD Coin (USDC), followed by $2.8 million of True USD (TUSD) and finally $21 million USDT. USDC, TUSD, and USDT are all stablecoins whose values are pegged to the United States dollar. By using these dollar-backed cryptocurrencies instead of a volatile coin like Bitcoin (BTC), Sun likely wanted to avoid significant price fluctuations when the tokens were held in the wallets. You might also like: Justin Sun became largest individual ETH staker The decision to hold multiple stablecoins is likely partially motivated by a willingness to limit losses if one stablecoin collapses. Sun could plan t...