A significant part of these funds is probably placed on wallets of cryptocurrency exchanges, where USDT is especially actively used for transactions. Also among the large holders of Tether are brokers oriented to work with Chinese investors and high-frequency traders.
John Griffin, a professor at the University of Texas at Austin, holds his own opinion on this issue: "Tether's concentration suggests that he is in the hands of a few central players who can fluctuate the Bitcoin market and are interested in doing so. It also suggests that many stock market players are interested in keeping Tether in the game.
According to Coin Metrics, Tether was used to make 40% and 80% of all transactions on the stock exchanges cryptocurrencies Binance and Huobi respectively. The company's analysis included USDT wallets based on the OMNI protocol and blockchain Ethereum, the balance of which exceeded $1 million.
On the other hand, more than 20,000 Bitcoin addresses currently contain more than $1 million worth of cryptocurrency.
Earlier in the network there was information that Tether is also actively used by Chinese traders to withdraw profits from the sale of goods in Russia.