On July 2 and 3, 2025, multiple large transfers of Tether's USDT stablecoin occurred between major cryptocurrency exchanges Bitfinex and Kraken, as well as Tether Treasury. Notably, on July 3, Tether Treasury minted one billion USDT, equivalent to approximately $1 billion. This minting event was the largest in the reported transactions, following several transfers ranging from 100 million to over 117 million USDT between Bitfinex and Kraken. These movements highlight significant activity in the USDT stablecoin market over the two-day period.