Tether Treasury and Bitfinex exchanged 446.2 million USDT across three transfers on November 6, according to blockchain tracking service Whale Alert. The transactions involved movements between wallets on the Ethereum and Solana networks, with the largest single transfer reaching 206.2 million USDT.
The transfers came as Tether CEO Paolo Ardoino commented on reports of rising USDT demand in Paraguay following a banking crisis involving Ueno Bank.
According to Whale Alert, the largest transaction occurred at 02:51 UTC on November 6. Bitfinex sent 206.2 million USDT, valued at about USD 206.08 million, from an Ethereum wallet to an address identified as Tether Treasury.
Nine minutes later, another 120 million USDT moved from Bitfinex to Tether Treasury over Solana. Whale Alert valued that transaction at nearly USD 119.92 million. At 03:02 UTC, Tether Treasury sent 120 million USDT to Bitfinex on Ethereum.
Together, the three movements represented 446.2 million USDT in gross transfers. They involved separate wallets and two blockchains. The transaction records do not identify the commercial reason for the movements or show whether the transfers were connected.
The transaction notices do not explain whether the transfers involved customer deposits, market purchases or redemptions. The wallet movements alone do not show that traders bought or sold cryptocurrencies.
Tether's official guidance distinguishes tokens held in its treasury from tokens in circulation. The company says it holds some tokens as "authorized but not issued" and counts them as issued when they leave the treasury. However, the three transfer notices do not establish a net change in circulating USDT across blockchains.
Similarly, a transfer into the treasury does not by itself confirm that Tether redeemed or destroyed the tokens. The records contain no explanation of how the company classified these movements in its supply accounts.
Tether CEO Paolo Ardoino separately responded to claims of growing USDT demand in Paraguay, where problems at Ueno Bank have restricted customers' access to deposits. “Fly to safety,” Ardoino wrote in an X post on November 5.
Bitcoin supporter Samson Mow reported that USDT's exchange rate rose from about 5,692 Paraguayan guaraníes on October 15 to more than 6,000 by November 4. That change represents an increase of more than 5% against the local currency.
However, the US dollar also strengthened against the guaraní over that period. The quoted exchange rates do not establish how many people bought USDT or whether stablecoin demand caused the increase.
Paraguay's central bank announced on November 3 that it had started resolution proceedings for Ueno Bank. The regulator said the lender's solvency ratio had fallen below half the required minimum after adjustments to its financial statements.
The central bank said its deposit guarantee covers up to 228.3 million guaraníes per depositor at each institution. On November 5, it announced an initial payment stage for customers with deposits of up to 10 million guaraníes who had no outstanding debt to Ueno Bank and held an account elsewhere.
The regulator described Ueno's problems as specific to that bank, rather than the wider financial system. It also said it would release instructions for other depositor groups through official channels.
Customers with frozen balances cannot use those deposits to buy USDT until they regain access. Neither the transaction records nor the regulator's statements establish a connection between the Paraguay banking crisis and the transfers involving Tether Treasury and Bitfinex.
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