Report: Alameda and Cumberland Acquired Nearly 55% of USDT’s Total Supply

Recent research by Protos, an independent cryptocurrency outlet, has revealed that two companies purchased two-thirds (or more) of Tether’s USDT total supply from its inception.

Alameda Research had received $60.3 billion USDT from the $108.5 billion in Tether outbound transfers between 2014-October 31, 2021. Cumberland Global was the recipient, according to the report.

The majority of the volume, which is $49.2 billion in USDT (60% Tether’s total supply), were acquired in 2020. This indicates that the time when interest in cryptocurrency surged dramatically was the best.

The companies were however not the only ones to receive USDT from Tether’s Treasury. These include Binance, Bitfinex and Nexo Finance.

Market makers make a profit by supplying dollar-backed stablecoins and liquidity to centralized exchanges like Binance, Huobi, FTXX, Poloniex etc.

Lameda Research Leads

It is interesting to note that Alameda Research leads the pack as the entity with the highest USDT supply.

Alameda Research was founded in 2017 by Sam Bankman-Fried, a 29-year-old. It has now acquired $36.7 billion USDT. This represents nearly a third the total stablecoins that have been issued. Surprisingly, only $31.7 billion of the total amount was received within the past year.

Alameda Research, the parent company of the popular cryptocurrency exchange FTX is responsible for the largest beneficiary of Alameda’s USDT distribution.

Protos reports that Alameda sent USDT to FTX in excess of $30.1 billion, 87% of its USDT acquisition.

Alameda also transferred $2.1billion, $1.7billion and $115m worth of USDT to Binance, Huobi and OKEx respectively. The remaining $705 million was sent a non-exchange address.

Cumberland follows

Cumberland, a cryptocurrency trading subsidiary to market powerhouse DRW, was launched in 2014. Cumberland has received $23.7 billion USDT from Tether so far, and $17.6 million in the last year.

Cumberland received $18.7 Billion USDT, while Binance received $131.5 Million and Bitfinex $9 Million, respectively.

Huobi and OKEx each received $30 million from Cumberland. The $4.9 billion remaining was sent to an address that is not exchange.

Tether’s Constant Growth

Tether’s market capitalization has risen to over $75 billion. Tether is a stablecoin company that is well-known in the crypto market. The company has made sure the cryptocurrency is supported on 14 blockchains including Ethereum, Solana and Avalanche.

According to data from CoinGecko cryptocurrency aggregator website, USDT currently ranks as the fourth-largest cryptocurrency in terms of market capital.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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