Over two-thirds of all Tether minted across multiple years went to just two crypto companies — Alameda Research and Cumberland Global — sources familiar with the matter exclusively told Protos. The latter is the number one crypto liquidity provider.
Crypto exchange FTX parent Alameda Research, founded by 29-year-old crypto billionaire Sam Bankman-Fried, accounted for nearly a third of all Tether minted. Liquidity provider Cumberland Global, owned by Chicago-based trading firm DRW, had even more Tether minted to its name. Protos understands the nearest competitor minted a mere few hundred million USDT.
Tether advertises that every USDT minted is redeemable for a US dollar. Over $60 billion worth of USDT now circulates through the crypto ecosystem. Analysts have voiced concerns over whether Tether has enough cash on hand to facilitate sudden influxes of redemptions.