$385 million worth of Bitcoin moved by unknown identity – Nairametrics

In recent times the use of Stablecoins has gained momentum amid high volatility and the strong bullish trend currently in play at the crypto market.

Such evidence was attributed to the daily trading volume seen in the worlds leading stablecoins, which at the time of writing Tethers price was $1.00 with a daily trading volume now at 43.4 billion.

Also, the fast-rising USDC, a stable coin project founded by Circle and Coinbase, in recent days has shown significant use among crypto investors.

Data retrieved from Glassnode revealed over 12million USDC were moved in just two transactions some hours ago.

What are Stablecoins?

Stablecoins are cryptocurrencies created to minimize the price swings that occur in an asset. They are usually pegged to fiat currencies and often exchange-traded commodities.

Global Investors and traders are using it to give their investment portfolios exposure to the US Dollar during these times when uncertainty is high as a result of the worst pandemic (COVID-19) known to man.

Recall Nairametrics, a few months ago broke the news on, U.S national banks now permitted to hold reserve currencies for stablecoins (Tether, Circle), meaning more investors now use stable coins in hedging against the volatility often prevalent in the crypto market.

The letter which was released by the Office of the Comptroller of the Currency (OCC) responds to questions regarding the application of stablecoin-related bank activities.

It concludes that national banks and federal savings associations may hold reserves on behalf of customers who issue stablecoins in situations where the coins are held in hosted wallets.

What you should know

Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies, like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

USDC is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE, an open-source project bootstrapped by contributions from Circle and Coinbase.

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$385 million worth of Bitcoin moved by unknown identity - Nairametrics