Coinbase (NASDAQ: COIN) director Conor Grogan shed light on Alameda's significant involvement in Tether (CRYPTO: USDT) minting, suggesting potential arbitrage trading motives.
Onchain data indicates that Alameda was responsible for minting a staggering $39.55 billion of USDT, which accounts for nearly 47% of Tether's current circulating supply, Grogan said.
Onchain data shows that Alameda was responsible for minting $39.55B of USDT, a number that is 47% of Tether's circulating supply today
A previous report by Protoss estimated the number at around $36.7B; I was able to update these figures with additional wallets I found pic.twitter.com/fYBvGAYlFd
— Conor (@jconorgrogan) October 9, 2023
This figure surpasses a previous ...