Two firms account for the majority of Tether received: Report

According to a new report, Tether (USDT), which was once a rebel cryptocurrency, has become the industry’s main crutch over the past seven years.

USDT acts as a bridge between traditional currencies such the United States Dollar and digital currencies that are openly distributed on open blockchain networks.

Protos, an independent crypto outlet, provided an in-depth look at the most popular stablecoins and the liquidity providers that supply them to cryptocurrency platforms.

The report shows that USDT issued is primarily purchased by two market makers. Alameda Research and Cumberland were estimated to have received $60.3 billion USDT between 2014 and 2020. This accounts for nearly 55% of all outbound volume. Protos estimates that the nearest competitor earned a few hundred millions USDT.

Source: Protos

Alameda Research was founded by Sam Bankman-Fried (a 29-year old cryptocurrency billionaire), and acquired $36.7 billion, or almost a third of all Tether production. With $23.7 billion in received, Cumberland Global is second. Cumberland, a DRW Holdings affiliate, was established in 1992 and is regarded among the top financial traders worldwide.

Protos reports that Tether’s Treasury sent $36.7 billion USDT to Alameda Research. This amount included $31.7 billion (86%) from the money it received over the past 12 months. This amount is approximately 37% of total outbound USDT volume.

According to the report Tether sent $30.1 billion (87%) from Alameda’s USDT to its cryptocurrency-derivatives exchange, FTX. Alameda has wallets on several different cryptocurrency exchanges. The company received $2.1 Billion (6%) on Binance, $1.7 Billion (5%) on Huobi and $115 Million on OKEx. The $705 million remaining was transferred to addresses that were not exchangeable.

Cumberland received $23.7 billion USDT. Tether’s Treasury received $17.6 Billion USDT (74%) in the past year. This represents 22% of all outbound USDT volumes ever recorded.

Protos recognizes Cumberland’s role as a liquidity source for Binance and market maker, since it has been listed on the exchange since at most early 2019. Tether gave Cumberland $18.7 Billion (79%) in USDT Binance. The rest went to other exchange platforms.

The liquidity provider received $131.5million (less than 1% on Poloniex), $9 million on Bitfinex, and $30 million on both Huobi & OKEx.

Tether is still the largest stablecoin in terms of market capitalization. Regulators have been closely monitoring the token of Tether in recent years. According to Cointelegraph, Tether and Bitfinex were fined by the U.S. Commodity Futures Trading Commission for violating the Commodity Exchange Act, and a prior CFTC Order on Oct. 15.

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Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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