The Massachusetts-based crypto market research firm Coin Metrics says that 318 addresses hold at least $1 million worth of Tether (USDT), comprising 80% of the global Tether supply.
Chinese importers in Russia are buying up to $30 million a day of tether (USDT) from Moscow’s over-the-counter trading desks.
Bitcoin’s latest price plunge has coincided with fresh scrutiny of stablecoin Tether and exchange Bitfinex almost a year after both received subpoenas from US authorities.
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Tether, or USDT, is supposed to remain “tethered” to the US Dollar, as its name implies. That’s its whole purpose as a token: it exists on exchanges as a way for traders get their profits to safety, in a sense, so they have some idea of the real fiat value of their portfolio.