Alameda and Cumberland account for approximately 55% of the total USDT supply
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Answer Alameda and Cumberland account for approximately 55% of the total USDT supply
According to a recent research published by the crypto platform “ProteaTwo companies have been responsible for purchasing two-thirds of the total USDT supply from Tether since its inception.
The report said Alameda Research and Cumberland Global have so far received at least $60.3 billion out of $108.5 billion in overseas Tether transfers between 2014 and October 31, 2021.
The majority of the supply, which represents $49.2 billion worth of USDT (60% of the total supply of Tether), was taken in 2020 alone, indicating a period in which interest in cryptocurrencies skyrocketed.
However, the closest competitors to companies in terms of receiving USDT from Tether’s treasury bonds, Binance, Bitfinex, and Nexo Finance, among others, have also received a few hundred million USDT during that time.Read:Get to know the details of the new Airdrop Binance for JEX cryptocurrency
Market makers collect profits by providing dollar-backed stablecoins to central trading platforms, such as Binance, Huobi, FTX, Poloniex, etc., providing liquidity to various USDT trading pairs.
Alameda leads the way:
Interestingly, Alameda Research and Cumberland Global were leading the way as the only entity to receive the highest bid from USDT.
Alameda Research, founded in 2017, by 29-year-old Sam Bankman Fred, has earned $36.7 billion, which is roughly a third of the stablecoin minted to date.
Interestingly, $31.7 billion of the total was received last year alone.
Alameda Research is the parent company of the popular cryptocurrency trading platform “FTX”, and the trading platform was the biggest beneficiary of Alameda’s USDT distribution.
According to Protos, Alameda has so far sent nearly $30.1 billion in USDT to FTX, representing 87% of the company’s USDT acquisition.
Alameda also transferred $2.1 billion, $1.7 billion and $115 million of “USDT” to its accounts on Binance, Huobi and OKEx, respectively, while the remaining $705 million was sent to another address.
Continuous growth of tether:
Tether has continued to grow exponentially, reaching a market capitalization of more than $73.8 billion.Read:Ledger hardware wallet supports 100 digital currencies based on Cardano…Details here
The company understands the importance of its stablecoin in the cryptocurrency market and has ensured that the cryptocurrency is supported by more than 14 different networks, such as Ethereum, Solana, and Avalanche, among others.
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