346.2 Million USDT Moves Across Tron and Ethereum in Five Seconds

Two transfers moved 346.2 million Tether (USDT) across Tron and Ethereum five seconds apart Oct. 29, while the available transaction details do not establish a redemption or cash payout.

The first transfer moved 132.4 million USDT on Tron at 10:59:18 a.m. ET (14:59:18 UTC). The second moved 213.8 million USDT on Ethereum at 10:59:23 a.m. ET (14:59:23 UTC).

Tether requires customers to verify their accounts, submit at least $100,000 equivalent in tokens for redemption and receive fiat through a bank account.

The transfer details do not explain why the tokens moved or establish that a redemption request was made, dollars were paid or tokens were burned. They also do not show a change in market liquidity.