After months of study, Protos found out who owned 70% of every USDT ever issued. The study found that Tether had distributed $108.5 billion in USDT since 2014.
The majority of funding went to financial markets and liquidity providers, with just six receiving $96.98 billion.
Biggest Tether buyer is Alameda Research
Protos classified USDT distribution into three categories: market makers, funds and companies, and individuals.
Market makers were identified as entities that received several Tether Treasuries trades totaling above $100 million USDT.
Tether sent these market makers 89.2% of the USDT it sent, or over $97 billion. Individuals received $2.35 billion while trading funds received $9.2 billion.
Market manufacturers Alameda Research and Cumberland Global received almost 55% of the entire outbound volume. They’ve acquired USDT worth about $49 billion in the last year.
Tether sent $36.7 billion USDT to Alameda Research in the last year. Over $30 billion went to FTX, while Alameda’s accounts on Binance, Huobi, and OKEx earned $2.1 billion, $1.7 billion, and $115 million respectively.
Cumberland Global, a crypto-trading subsidiary of DRW, counts VanEck as a client.
Tether sent the corporation $23.7 billion in USDT, $17.6 billion of which came in the last year.
A major liquidity provider for Binance, Cumberland issued 79% of the USDT it received directly to Binance.
iFinex, the parent company of Bitfinex and Tether, received at least $4.5 billion in USDT before 2021. Nexo received $2.6 billion in USDT, of which around $1.45 billion went to Binance.
Tether sold $1.5 billion USDT to Heka, a neutral market maker, of which $1.1 billion was used on Binance. This year, Chicago-based Jump Trading got $1.1 billion USDT on Solana.
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