Altcoin News: 318 Wallets Control 80% of Tether Emissions

August 8, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Regarding a new study by Coin Metrics, about 300 wallets control 80% of the Tether stablecoin issue.

A significant part of these funds is probably placed on the wallets of cryptocurrency exchanges, where USDT is especially actively used for transactions. Major Tether holders also include brokers oriented to work with Chinese investors and high-frequency traders.

Image credit: Bloomberg

A professor at the University of Texas at Austin, John Griffin, has his own opinion on this issue:

“The concentration of Tether suggests that control of Tether is in the hands of a few central players who can swing Bitcoin prices, and have a vested interest in doing so. It also suggests that many exchange players have a vested interest in keeping the Tether game going.”

According to Coin Metrics, Tether was used to conclude 40% and 80% of all transactions on the Binance and Huobi cryptocurrency exchanges, respectively. The company’s analysis included USDT-wallets based on the OMNI protocol and the Ethereum blockchain, the balance of which exceeded $1 million. 318 such wallets were counted.

Previously, information appeared on the network that Tether is also actively used by Chinese traders to withdraw profits from the sale of goods in Russia.

Author: Marko Vidrih