Tron founder Justin Sun claims that the transactions with Circle ($236 million) are not for stablecoin USDC cash out, but rather for internal fund sorting and allocation.
He stated that the reports of cashing out USDC stablecoin are untrue and that the transactions with Circle are only for internal fund sorting and allocation. Justin Sun is still quite enthusiastic about crypto and blockchain, and he plans to hire more people.
On October 21, Tron founder Justin Sun exposed the reason behind the recent USDC transactions to Circle in a tweet. In the last three weeks, Justin Sun has transferred roughly $236 million to Circle.
He claims that the transactions with Circle are not for USDC cash out, but rather for internal fund sorting and allocation. Many USDC transactions are replicated using Circle. As the company expands, the fund allocation will increase.
Justin Sun is still hopeful about the future of cryptocurrency and blockchain technology. Furthermore, there are plans to grow recruiting as well as hold more TRX, HT, and other TRON series of Domenico fiat currencies.
“The rumor about cashing out is untrue. The transaction with USDC Circle is merely an internal capital deployment transaction with double counting. We are quite positive about cryptocurrency, and we are aggressively hiring and expanding our holdings of Dominica legal tenders.”
In the last 24 hours, the address Justin Sun transferred 50M BUSD from Aave V2 and 70M to Paxos. Another address reveals a 72M USDC withdrawal from Binance and transfers to Circle.
On October 14, Justin Sun transferred $165M in USDC from Aave V2 to Circle and 20M TUSD from Aave V2 to Binance. On October 17, he also withdrew $100M USDT from Aave V2 and transferred $100,000 TUSD to another address funded by Poloniex.
Massive amounts of transactions were reported when he joined Huobi's Global Advisory Board. It sparked curiosity about whether it was related to recent Huobi interactions or cryptocurrency market volatility.
USDC Market Cap Falls Amid Crypto Winter
The USDC market cap has dropped to $44 billion from $55 billion in recent weeks. Despite Circle's attempts to encourage retail and institutional adoption of USDC via Web3 and DeFi, traders' lack of interest and trust in USDC stablecoin continues to reduce its market value.
Meanwhile, the USDT market cap has surged during the previous two months. The adoption of stablecoins has been hindered by the increased regulatory scrutiny and the crypto winter.
Read also: Head of U.S. Agency: Stablecoins Integrate with federal plans
