119 addresses currently control 64% of the entire USDT circulating supply

By Selena 12/14/19 12:31 AM

It seems that Tether (USDT) still holds the title of the most controversial stablecoin in the market. According to some new statistics, USDT appears to be aiming to become a centralized stablecoin.

Tether (USDT) – the most controversial stablecoin in the entire industry

Tether is currently facing a $ 1.4 million lawsuit over alleged manipulation of the Bitcoin market in 2017. Besides, Tether has also been linked to the Paradise Papers, which showed that Bitfinex and Tether are necessarily the same. Despite these controversies and the creation of many other stablecoins, Tether still holds its dominant position in the cryptocurrency industry.

Let’s talk about #Tether and provide you with a few on-chain fundamentals:

– There are 119 addresses that control 64% of the circulating supply
– In the last 7 days, the total volume of large transactions (greater than $100k) was $3.52b
– The avg the token is held: 21.2 days

— intotheblock (@intotheblock) December 12, 2019

According to IntoTheBlock, the total USDT transaction volume has reached over $ 100,000 and totaled $ 3.52 billion in just one week. However, the figures on the chain show that the centralized trend of USDT is controlling the total supply. There are currently 119 addresses controlling 64% of the total circulating amount of USDT. If taking 64% of the current circulating supply divided by 119 addresses, about 22 million USDT will be kept by these top addresses.

Tether retains its monopoly position in the stablecoin market

Despite many barriers, Tether Dominance did not decline in 2019 but also grow stronger. The chain statistics prove that Tether is still the stablecoin-of-choice for most of the traders. As of now, USDT’s total trading volume is $19.6 billion, higher than Bitcoin.

The second-largest stablecoin in the market, USD Coin (USDC), has many spotlights in 2019. However, USDC is still not comparable with USDT.