The majority of funds were allocated to financial markets and liquidity providers, with only six receiving $96.98 billion. USDT distribution was divided into three categories by Protos: market makers, funds and companies, and individuals.

Market makers were defined as entities that received several Tether Treasuries trades for more than $100 million USDT. Tether sent these market makers 89.2% of the USDT it sent, totaling more than $97 billion. Individuals earned $2.35 billion in compensation, while trading funds received $9.2 billion.


Alameda Research and Cumberland Global got over 55 percent of the total outbound volume. In the recent year, they have acquired USDT worth approximately $49 billion.

In the last year, Tether sent $36.7 billion USDT to Alameda Research. FTX received over $30 billion, while Alameda’s accounts on Binance, Huobi, and OKEx received $2.1 billion, $1.7 billion, and $115 million, respectively.

VanEck is a client of Cumberland Global, a DRW crypto-trading company. Tether sent the company $23.7 billion in USDT, $17.6 billion of which came in the previous year.


Cumberland, a significant liquidity provider for Binance, issued 79 percent of the USDT it received directly to Binance. Before 2021, iFinex, the parent firm of Bitfinex and Tether, will have received at least $4.5 billion in USDT. Nexo received $2.6 billion in USDT, approximately $1.45 billion of which went to Binance.

Tether sold $1.5 billion USDT to Heka, a neutral market maker, with $1.1 billion of that amount being used on Binance. Jump Trading, based in Chicago, received $1.1 billion USDT for Solana this year.

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