The giant cryptocurrency exchange platform, Binance has reportedly run out of Tether (USDT) as major traders confirmed the inability for them to go long on Binance at the moment, most probably due to the exchange shortage of Tether (USDT).
One cryptocurrency analyst, Jacob Canfield has also taken it on his Twitter, saying that he is expecting the shortage to go for a few days and it will be wise for traders to lock in some profits. However, Binance or Tether have yet to release a statement in regard to the situation.
Since the situation implies that demand is exceeding expectations and supply, Tether Treasury may need to mint more USDT to account for the shortage or alternatively provide Binance with more liquidity via its existing reserves.
Notably, it is reported that Tether Treasury did USDT burn one week ago that worth $102M as part of redemptions into USD.
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