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…