Tether’s $1.5B Burn and $1B Mint Spark Major Market Moves

• One of the main players in the significant USDT transfers on April 21, 2025, was HTX.
• Tether adjusted market liquidity by burning $1.5 billion USDT and minting $1 billion.
• CoinGlass data indicates that there was a notable increase in the  USDT’s token volume.

On April 21, 2025, the cryptocurrency market was shaken by massive USDT transactions, highlighting HTX (formerly Huobi) as a focal point. The activity began at 07:39 UTC, when $500M USDT (worth $499,005,000) was transferred from Aave to HTX. After three minutes, at 07:42 UTC, around $500M USDT (worth $499,554,328) was sent from HTX to Tether Treasury, igniting the first wave of liquidity shifts.   

As the transactions continued, Tether minted another $1B USDT, worth just under a billion USD ($998,997,500), at 08:28 UTC, adding supply to the stablecoin. In less than four minutes, at 08:31 UTC, another $500M USDT(par value of $499,493,750) was pushed to HTX, creating another level of liquidity movement. Following this, a transfer of 450M USDT worth $450M from Aave to HTX was made at 08:37 UTC, further increasing the volume of the transfers into the exchange.

Later, Tether transferred another $500 million USDT (worth $499,991,000) to HTX. Less than ten minutes later, $500 million USDT worth $499,503,750 was transferred from Tether Treasury to HTX, thus culminating in over $3 billion worth of transactions of USDT. Meanwhile, Tether made a market move by burning 1.5B USDT worth $1,498,511,250 at 08:45 UTC, on the Ethereum blockchain, severely slashing the circulating supply of the stablecoin.

Related: $1.8B USDT Circles Through Aave, HTX, &Tether Sparking Buzz

Major Liquidity Reshuffling at HTX

These massive transactions suggest a major reshuffling of liquidity in the crypto market, with HTX emerging as the central hub for these operations. The substantial transfers interspersed between minting and burning reflect activity typical of market making or reserve balancing by large players seeking to stabilize or manipulate market amplitudes. 

Source: Coinglass

According to data from CoinGlass, in March 2025, an intense spike of activity was registered regarding USDT trading volume. The volume chart portrayed a vertical spike, rising above  $700M at mid-March. Such an uptrend corresponds to the minting and transfer activities of Tether, making the shift significant in terms of liquidity footprint. Notably, minting, transfers, and then burning are apparently all part of a larger strategy to manage liquidity within the stablecoin market.

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