Justin Sun Reveals Reason Behind $236 Million USDC Cash Out

Tron founder Justin Sun clears rumors surrounding massive transactions through his accounts in recent weeks. He said the rumors of cashing out USDC stablecoin are false and the transactions with Circle are only internal fund sorting and allocation. Justin Sun remains highly bullish on crypto and blockchain, as well as looks to increase hiring.

Justin Sun: USDC Cash Out Are Rumors

Tron founder Justin Sun in a tweet on October 21 revealed the reasons behind the recent USDC transactions to Circle. Until now, Justin Sun has transferred nearly $236 million to Circle in the last 3 weeks.

He said the transactions with Circle aren’t USDC cash out, but only internal fund sorting and allocation. There are many repeated USDC transactions with Circle. The fund allocation will increase as the business grows.

Justin Sun remains optimistic about crypto and blockchain developments. Moreover, there are plans of increasing recruitment, as well as increase holdings of TRX, HT, and other TRON series 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 last 24 hours, the address marked as Justin Sun moved 50 million BUSD from Aave V2 and transferred 70 million to Paxos. Also, another address shows 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 Also, he had withdrawn $100 million USDT from Aave V2 on October 17 and transferred $100k TUSD to another address funded by Poloniex.

Massive amounts of transactions were recorded after he became a member of the Global Advisory Board of Huobi. It raised speculation over whether it has to do with recent Huobi relations or crypto market volatility.

USDC Market Cap Falls Amid Crypto Winter

USDC market cap fell below $44 billion from $55 billion in the last few weeks. Despite efforts by Circle to increase retail and institutional adoption of USDC in Web3 and DeFi, a lack of interest and trust in USDC stablecoin by traders continues to lower its market cap.

Meanwhile, the USDT market cap has increased in the last 2 months. The increased 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 knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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