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Tron founder Justin Sun clears rumors surrounding large transactions via his accounts in current weeks. He mentioned the rumors of cashing out USDC stablecoin are false and the transactions with Circle are solely inner fund sorting and allocation. Justin Sun stays extremely bullish on crypto and blockchain, in addition to appears to be like to extend hiring.

Justin Sun: USDC Cash Out Are Rumors

Tron founder Justin Sun in a tweet on October 21 revealed the explanations behind the current USDC transactions to Circle. Until now, Justin Sun has transferred almost $236 million to Circle within the final 3 weeks.

He mentioned the transactions with Circle aren’t USDC money out, however solely inner fund sorting and allocation. There are many repeated USDC transactions with Circle. The fund allocation will enhance because the enterprise grows.

Justin Sun stays optimistic about crypto and blockchain developments. Moreover, there are plans of accelerating recruitment, in addition to enhance holdings of TRX, HT, and different TRON collection of 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.”

In the final 24 hours, the handle marked as Justin Sun moved 50 million BUSD from Aave V2 and transferred 70 million to Paxos. Also, one other handle exhibits a withdrawal of 72 million USDC from Binance and transfers it to Circle.

Previously, Justin Sun moved $165 million in USDC from Aave V2 to Circle and 20 million TUSD from Aave V2 to Binance on October 14. Also, he had withdrawn $100 million USDT from Aave V2 on October 17 and transferred $100k TUSD to a different handle funded by Poloniex.

Massive quantities of transactions have been recorded after he turned a member of the Global Advisory Board of Huobi. It raised hypothesis over whether or not it has to do with current Huobi relations or crypto market volatility.

USDC Market Cap Falls Amid Crypto Winter

USDC market cap fell under $44 billion from $55 billion in the previous couple of weeks. Despite efforts by Circle to extend retail and institutional adoption of USDC in Web3 and DeFi, a scarcity of curiosity and belief in USDC stablecoin by merchants continues to decrease its market cap.

Meanwhile, the USDT market cap has increased in the last 2 months. The elevated regulatory scrutiny and the crypto winter have impacted stablecoin adoption.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is presently protecting all the most recent updates and developments within the crypto trade.

The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.