Justin Sun reveals reason behind $236 million USDC withdrawal

Tron founder Justin Sun dispels rumors about massive transactions in his accounts over the past few weeks. He said that the rumors of USDC stablecoin cashing out are false and that the transactions with Circle are just internal sorting and allocation of funds. Justin Sun remains very optimistic about crypto and blockchain, and is also looking to increase hiring.

Justin Sun: USDC fund outflows are rumors

Tron founder Justin Sun revealed. In an October 21 tweet the reasons for the recent USDC transactions to Circle. So far, Justin Sun has transferred nearly $236 million to Circle in the last three weeks.

He stated that the transactions with Circle are not USDC withdrawals, but only a sorting and allocation of internal funds. There are many repeated USDC transactions with Circle. The allocation of funds will increase as the business grows.

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Justin Sun remains optimistic about the developments in crypto and blockchain. In addition, there are plans to increase recruitment, as well as increase holdings in TRX, HT, and other fiat currencies in Domenico’s TRON series.

“The cash-out rumor is not true. The transaction with USDC Circle is just an internal capital deployment with double counting. We are very bullish on crypto, recruiting vigorously, increasing our holdings in Dominica’s legal offerings.”

In the past 24 hours, the address marked as Justin Sun has moved 50 million BUSD from Aave V2 and transferred 70 million to Paxos. Similarly, another address shows a withdrawal of 72 million BUSD from Binance and transfers it to Circle.

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Previously, Justin Sun had transferred 165 million USDC from Aave V2 to Circle and 20 million TUSD from Aave V2 to Binance on October 14. Similarly, he had withdrawn 100 million TUSD from Aave V2 on October 17 and transferred 100k TUSD to another address funded by Poloniex.

Massive amounts of transactions were recorded after he became a member of Huobi’s global advisory board. This has sparked speculation as to whether this has anything to do with recent dealings with Huobi or the volatility of the crypto-currency market.

USDC’s market cap drops amid crypto winter

USDC’s market capitalization has fallen from $55 billion to less than $44 billion in recent weeks. Despite Circle’s efforts to increase retail and institutional adoption of USDC in Web3 and DeFi, traders’ lack of interest and confidence in stablecoin USDC continues to drive its market cap down.

At the same time, the market capitalization of the USDT has increased over the past two months. Increased regulatory oversight and the crypto winter have had an impact on stablecoin adoption.

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