318 addresses account for 80% of USDT circulation volume.
A recent study shows that out of the 318 main addresses circulating Tether (USDT), 80% of the USDT supply is controlled, including some major exchanges.
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Tether has been controversial since its launch in 2015, with previous reports pointing out serious trust issues the company faced twice, including being sued by the New York State Attorney General in April this year and issues with reserve audits, earning the nickname "Tether Mafia" on social media.
According to a report, John Griffin, a finance professor at the University of Texas at Austin, stated:
The concentration of Tether implies that the market dominance is in the hands of a few centralized players who can push up the price of Bitcoin, indicating that many exchange platforms are part of this profit game.
Research by Coin Metrics shows that among the 318 addresses, each holds at least $1 million USDT, with seven of the top ten holding addresses owned by exchange platforms.
| Remark | Balance | Address |
|---|---|---|
| Binance | 350,937,104 | 1FoWyxwPXuj4C6abqwhjDWdz6D4PZgYRjA |
| Tether Treasury | 257,624,844 | 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz |
| Huobi Cold wallet | 240,000,290 | 35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP |
| Binance | 171,483,973 | 1H9HSzuzsV3R6fVHp9xPhVF9Z2mn3Lu3rP |
| Huobi | 69,136,294 | 1HckjUpRGcrrRAtFaaCAUaGjsPx9oYmLaZ |
| Bittrex | 68,711,514 | 1DUb2YYbQA1jjaNYzVXLZ7ZioEhLXtbUru |
| OKEX | 47,172,953 | 37Tm3Qz8Zw2VJrheUUhArDAoq58S6YrS3g |
| Quarantined | 30,950,000 | 16tg2RJuEPtZooy18Wxn2me2RhUdC94N7r |
| ? | 15,599,994 | 17BMxKwrLPPj5ZDyPnpgEvV6tomsmPLcbw |
| Kraken | 11,861,499 | 3GyeFJmQynJWd8DeACm4cdEnZcckAtrfcN |
Coin Metrics co-founder Nic Carter pointed out:
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