Protos, an independent cryptocurrency publication, recently conducted a study that found that two firms had been responsible for purchasing two-thirds of the entire supply of USDT since the cryptocurrency’s birth.
Tether’s 108.5 billion outbound transfers were purchased by Alameda Research and Cumberland Global between 2014 and October 31, 2021, for a total of $60.3 billion.
Most of this $49.2 billion (60 percent of the supply of Tether) was purchased in 2020 alone. It’s an exciting time to be involved with cryptocurrencies.
Companies like Binance and Bitfinex, who are in direct competition with Tether for accepting USDT, also got a large amount of USDT during this period.
It’s profitable for market makers to provide stablecoins to centralized exchanges like Binance, Huobi, FTX, Poloniex, and so on to earn a profit. Their numerous USDT trading pairings can get the liquidity they need from this.
Alameda Research takes the lead as the entity that got the most USDT. Sam Bankman-Fried, 29, launched the firm in 2017 and funded $36.7 billion, about a third of the stablecoin’s supply. Surprisingly, $31.7 billion of the total was raised in the previous year.
The major cryptocurrency exchange FTX is owned by Alameda Research, and the trading platform was the largest recipient of Alameda’s usdT payout. According to Protos, Alameda has transferred almost $30.1 billion in USDT to FTX so far. This accounts for 87 percent of USDT’s purchases.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.