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HomeBitcoin NewsTwo firms account for the majority of Tether received: Report

Two firms account for the majority of Tether received: Report

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Two firms represent most of Tether received: Report

Tether (USDT) has gone from being a renegade cryptocurrency to becoming the industry’s primary crutch during the last seven years, according to a new report.

Basically, USDT is a bridge between conventional currencies like the United States dollar and decentralized digital currencies operating on open blockchain networks.Independent crypto outlet Protos provided an extensive insight into the most common stablecoin and the liquidity suppliers who provide it to cryptocurrency platforms.According to the report, released USDT is mainly gotten by just two market makers.

Between 2014 and October 2021, Alameda Research study and Cumberland got a predicted$60.3 billion in USDT, representing almost 55 %of all outbound volume ever. According to Protos, the closest rival minted a couple of hundred million USDT.

Source: Protos

Alameda Research study, which is led by 29-year-old cryptocurrency billionaire Sam Bankman-Fried, acquired $36.7 billion or nearly a third of all Tether produced. Cumberland Global, the world’s largest crypto liquidity provider, comes in second with $23.7 billion received. Cumberland is a DRW Holdings subsidiary, which was founded in 1992 and is considered among the world’s significant financial traders.Protos states that Tether’s Treasury transferred$36.7 billion in USDT to Alameda Research, with $31.7 billion(86%)of it got in the last 12 months. This number equals approximately 37 %of all outbound USDT volume.According to the report, Tether sent over$30.1 billion (87%)of

Alameda’s USDT to its cryptocurrency and derivatives exchange, FTX. However, Alameda also has wallets on a range of different cryptocurrency exchanges. The company received$2.1 billion(6%)on Binance,$1.7 billion(5%)on Huobi, and$115 million on OKEx. The staying $705 million was moved to non-exchange addresses.Cumberland, on the other hand, received$23.7 billion in USDT. In the previous year alone,$ 17.6 billion in USDT(74%)was received from Tether’s Treasury. This figure accounts for 22% of all outgoing USDT volume ever recorded.Protos notes Cumberland’s value as a liquidity source and market maker for Binance, having been on the exchange considering that at least early 2019.

Tether issued Cumberland$18.7 billion( 79 % )in USDT to Binance, with the rest going to other exchange platforms.The liquidity service provider received $131.5 million( less than 1%) on Poloniex, $9 million on Bitfinex and another $30 million on both Huobi and OKEx.Tether remains the world’s biggest stablecoin by market capitalization. Nevertheless, the company’s token has been under analysis by regulators in recent times. As reported by Cointelegraph, the U.S. Product Futures Trading Commission imposed fines totaling$41 million and$1.5 million versus sister crypto companies Tether and Bitfinex, respectively, for breaches of the Commodity Exchange Act and a previous CFTC order, respectively, on Oct. 15. Released at Fri, 12 Nov 2021 10:20:50 +0000

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