Most of the funds are stored at the addresses of exchanges and brokers who work with investors from China
80% of Tether’s stablecoin issue is stored in 318 wallets, according to a study by Coin Metrics, Bloomberg writes. Each of these addresses contains more than $ 1 million, while there are at least 20,000 in the Bitcoin network of vaults with similar balances.
“The control over Tether is in the hands of several centralized players who can influence the value of Bitcoin. This fact suggests that exchange players are interested in Tether being able to stay in the game, ”said John Griffin, a professor at the University of Texas at Austin.
A stablecoin with a capitalization of $ 4 billion was used in 40% of transactions on the Binance exchange and 80% on Huobi. Coin Metrics co-founder Nick Carter explained that Tether holds the largest digital money trading venues, as well as brokers serving Chinese investors and high-frequency traders.