Tether Treasury recorded $5 billion in gross USDT mint-and-burn activity on August 21, minting $3 billion on Tron and burning $2 billion on Ethereum. The Tron mint was three times larger than prior recent mints. The activity aligned with approximately $928 million in net USDT inflows to Binance through Tron, as Bitcoin traded near $76,600. Ethereum wallet activity for large USDT balance changes also surged to levels not seen since early July. The synchronized movements across treasury operations, exchange flows and wallets reflect concentrated USDT activity near Bitcoin highs. While not proving direct transfers, the scale indicates significant market dynamics.