Amidst speculation about the future of Tether, the biggest holders of USDT have been revealed. Data from Element Group shows that Binance and Huobi both currently hold more Tether than Bitfinex, the company behind the top stablecoin.
The Tether treasury now holds the largest amount of Tether (USDT), with nearly 30 percent of the total supply of tokens. This is a result of Bitfinex recently transferring around 690 million USDT from its wallet to the treasury, in order to effectively remove them from circulation and stabilize the price.
This means that Bitfinex now holds very little USDT. In second place, Binance now has almost as much USDT as the Tether treasury. Huobi is also a big holder, in fourth place behind an unknown holder.
Biggest holders of Tether today are treasury,Binance and Huobi. Bitfinex has a very small amount. This means that;— Ran NeuNer (@cryptomanran) October 19, 2018
1.Bitfinex has lost a lot of customers.
2.Bitfinex customers have sold Tether for crypto.
3.@cz_binance is certainly in top of the situation.
Source: @TheElementGrp pic.twitter.com/2p12TaJp0t
Element Group points out that, as crypto prices quoted in USDT rose, with people wanting to reduce their exposure to Tether, crypto prices in fiat currency also saw an increase. This means that there wasn't a substantial movement of capital out of crypto into fiat, and the general market sentiment was specifically centred around Tether itself.
With USDT trading volume now capped lower for the foreseeable future, the analysis claims that "we may see a situation where Tether begins to slowly unwind in an orderly manner. At the same time, many other stable coins that are more transparent and regulated are gaining market share, including TrueUSD, Dai, Paxos Standard Token, USD Coin, and Gemini Dollar."