The statistics are a change from previous times when the majority of Tether (USDT) would sit at Bitfinex or other crypto exchanges and not see much on-chain usage at all, in part because Bitfinex was the main exchange where they had real liquidity and in part because it was the best place to trade with them. That has changed in recent times, with Bitfinex implementing Tether neutrality, and other
According to statistics published in Diar,
The volume of on-chain transactions raises the question of what all these
In investigating this article, this reporter discovered an interesting fact about the Gemini Dollar. Of the top 3 holders of GUSD, two appear to be Huobi-owned addresses (named Huobi_3 and Huobi_7 respectively), and between them, they have a total of 51% of Gemini’s total units – $44.4 million worth. The number two holder is OKEx, another large Maltese exchange formerly based out of Asia. Huobi also has the fifth slot, with another ~$5 million, and several other slots as well, totaling around 65% of all tokens held.
Huobi recently moved to a combined
It’s obligatory to note that these holdings are very likely not those of the crypto exchanges themselves, but their users, which tells a slightly different story about GUSD than the other