Coin Metrics conducted a new study and found that approximately 300 wallets control 80% of all issued USDT tokens.
However, you should not immediately assume that these are some “whales” that control the market. Probably, a significant part of the funds is placed on cryptocurrency exchanges, since on many it is USDT that is the most liquid stablecoin. But the tokens actually belong to users who trade on these exchanges, and not to the sites themselves. Also among the major holders of Tether are brokerage firms that work with Chinese investors and high-frequency traders.
John Griffin, Professor at the University of Texas at Austin considers that the token is managed by no more than a few large holders:
“The concentration of Tether suggests that it is at the disposal of several players who can put pressure on the bitcoin market. This also shows that many exchange players are interested in keeping USDT afloat.”
According to Coin Metrics, on the Binance exchange, Tether was used for 40% of all transactions, and on Huobi, the indicator is up to 80%. The researchers analyzed USDT wallets based on OMNI and Ethereum, which contained more than 1 million tokens. In total, we managed to find 318 such addresses.
On the other hand, there is portal data BitInforCharts.com, indicating that more than 20,000 bitcoin addresses contain BTC in the equivalent of over $1 million. This may indicate the popularity of bitcoin as an asset for capital accumulation, while stablecoins are not withdrawn by users outside of exchanges. Actually, this is why they are concentrated on a small number of addresses.
At the end of last month, it became known that Chinese merchants are actively using USDT to transfer cash from Russia to their homeland. This was reported by
the head of an over-the-counter cryptocurrency platform. According to him, many Chinese importers buy stablecoin, and then send it to China