Yarn (USDT) ownership is highly concentrated. According to a recent report, several addresses control the amount of stabilcoin commonly used by bitcoin merchants. This finding came up on charges of creating a balloon in a lawsuit against tether operators. This contributes to the continued criticism that the coin is not backed by the US dollar, as previously claimed.
2.8 Billion USD obtained by a handful
According to a study conducted by the Blockchain intelligence company Intotheblock, only 104 tether addresses account for 70% of stabilcoin's roaming supply. Considering Tether's supply and price of $ 1, the equivalent of fiat is over $ 2.8 billion. Such a small number of addresses that control the large share rate can be a cause for concern.
The researchers also confirmed tether's high and fast turnover. In just the last seven days, Intotheblock tweeted on Tuesday, with a total large transaction volume of over $ 100,000, a staggering $ 2.4 billion. In addition, the average time the USDT token was held was only 17.8 days, drawing attention to the company.
High wealth concentration is also observed in decentralized encryption. A tweet from another chained data provider, Glassnode, highlighted an ongoing trend: the number of Bitcoin core whale addresses is growing. Those holding the 1,000 BTC increased by 500 per year and reached almost 2,100.
Several studies have shown the inequality of wealth in the crypto field with a recent piece of research claiming that about 2% of BTC addresses control about 80% of the crypto-currency. Earlier this year, a report by Delphi Digital, a digital asset market analysis company, said that only 7,500 ETH wallets accounted for 80% of ethereum's circulating supply.
Tether's Volume Exceeds BTCs with Margin
Tether and its associated assets, issuer Tether Limited and crypto exchange Bitfinex, were attacked by the crypto community for various reasons. One must doubt that each coin is backed by $ 1. Tether's founder William Quigley, who recently added oil to the fire, said in an interview with Bloomberg that “it doesn't matter whether Tether will be backed by the dollar, that everyone actually agrees to take Tether and value a dollar..
Earlier this year, Bitfinex was accused by the New York Attorney General of using Tether's funds, which had lost $ 850 million since mid-2018. At the beginning of October, a lawsuit was filed against Tether and Bitfinex operators. New York accuses investors of defrauding, manipulating markets, and concealing a plan to conceal illegal revenues. As Newscoot.com reports, he claims that Tether created en the greatest bubble in human history ve and damaged more than trillion dollars.
Regardless of the controversy surrounding it and regardless of one's attitude towards attachment, the importance of money in the crypto currency trade has greatly increased. A quick look at the markets. Bitcoin.com shows that the 24-hour volume of $ 19.35 billion exceeds the level of the largest capitalized crypto, the $ 15.74 billion bitcoin core (BTC). Tether’s supply in circulation now exceeds US $ 4.1 billion.