Whales reportedly own about 80% of the total Tether (USDT) supply sparking fears of bitcoin (BTC) price manipulation.

Tether Whale Supremacy

According to a report by Coin Metrics, 318 addresses own 80% of the current total supply of the Tether stablecoin. Bloomberg quoting excerpts from the Coin Metrics study reported that these addresses own at least $1 million in USDT.

The report also revealed that major exchanges like Binance and Bittrex are among the USDT whales. Tether accounts for a significant portion of cryptocurrency trades across several platforms in the market.

Other major players include high-volume crypto traders in China. As previously reported by Bitcoinist, Tether is finding significant utility in China for facilitating trade with Russia. Chinese traders are reportedly buying between $10 million to $30 million worth of Tether on a daily basis.

Whales owning significant portions of total crypto supply isn’t in itself a novel occurrence. However, the extent of the whale ownership centralization in USDT might…

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Source: https://thebitcoinnews.com/whales-control-80-of-global-tether-supply/