A crypto market research firm, Coin Metrics has stated that around 300 to 318 addresses are holding the 80% of the Tether supply, which is worth around $1 million. The news was reported by Bloomberg and in the findings of the report, co-founder of the Coin Metric, Nic Carter said that few USDT whales also includes very prominent cryptocurrency exchanges such as Bitfinex and Binance.
The research also added that this is a different situation than that of Bitcoin’s (BTC) distribution and in which whales only have an account of 20% of the overall token supply. It was also reported that around 20,000 BTC addresses were recorded holding worth $1 million.
As it shows that the distribution of the Bitcoin is even across its users, while on the other hand, USDT might be able to hover the value of Bitcoin. This was the suggestion given by Austin Finance Professor John Griffin at the University of Texas. He stated,
“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 vested interest in doing so […]. It also suggests that many exchange players have a vested interest in keeping the Tether game going.”
In the research report of Coin Metrics, Professor Griffin also associates the market manipulation of USDT and the currency’s bullish movement of all-time-high of 2017. On the other hand, the co-founder of the market tracker TokenAnalyst, Sid Shekhar said that there are also concerned related to the market’s changing due the large sum of USDT token is introduced in the crypto market.
Apart from this, the currency is developing in the crypto community as well. Bitfinex is now providing the currency on their other blockchain protocol for bitcoin named BlockStream’s Liquid Network Sidechain. It has been already running of Omni blockchain. The liquid is also planning to create Liquid-based USDT to provide on different cryptocurrency exchanges in the upcoming future such as OKEx, OKCoin, Sideshift Al, Renren Bit, BTSE and BTCTrader/BtcTurk.