Justin Sun, the founder of Tron, dispels allegations about large transactions made through his accounts recently. The transactions with Circle are purely for internal fund sorting and allocation, he claimed, and there is no truth to the rumors that USDC stablecoin can be cashed out. Justin Sun continues to be quite enthusiastic on blockchain and cryptocurrencies and plans to hire more people.
Justin Sun: USDC Cash Out Are Purely Rumors
The motives behind the most recent USDC transactions to Circle were revealed by Tron founder Justin Sun in a tweet on October 21. Up to this point, Justin Sun has sent Circle close to $236 million during the previous three weeks.
He said that the transactions with Circle only involved internal fund distribution and sorting, not USDC cash out. With Circle, there are numerous repetitive USDC transactions. As the firm expands, the fund allocation will also grow.
Justin Sun is still upbeat about advancements in cryptocurrencies and blockchain. Additionally, there are plans to hire more people and hold more TRX, HT, and other TRON series Domenico fiat currencies.
“The rumor of cashing out is not true. The transaction with USDC Circle is only internal capital deployment with double counting. We are highly bullish on crypto, recruiting vigorously, increasing our holdings of Dominica legal tenders.”
The address was identified belonging to Justin Sun which transferred 50 million BUSD from Aave V2 and 70 million to Paxos throughout the course of the previous 24 hours. Additionally, another address displays a withdrawal from Binance of 72 million USDC and transfers the funds to Circle.
Previously, on October 14, Justin Sun transferred 20 million TUSD from Aave V2 to Binance and $165 million in USDC from Aave V2 to Circle. Additionally, on October 17, he transferred $100,000 TUSD to a another address sponsored by Poloniex after withdrawing $100,000,000 USDT from Aave V2.
After he joined Huobi's Global Advisory Board, enormous numbers of transactions were documented. It sparked debate as to whether the current Huobi relations or the volatile cryptocurrency market was to blame.
USDC Market Cap Declines During the Crypto Winter
Over the past two weeks, the USDC market valuation decreased from $55 billion to around $44 billion. Despite Circle's efforts to boost retail and institutional adoption of USDC in Web3 and DeFi, traders' lack of interest in and trust in the USDC stablecoin keeps its market cap from rising.
The USDT market cap has grown over the past two months, meanwhile. Stablecoin adoption has been hampered by the crypto winter and heightened regulatory scrutiny.