$68B Tether USDT Market Was Controlled by Four Individuals as of 2018: WSJ Report
The largest stablecoin in the crypto industry Tether (USDT) has grown exponentially since its inception in 2014. With approximately 68 billion Tether units in circulation, USDT enjoys a higher daily traded volume than Bitcoin and Ethereum combined. According to our latest crypto price oracles, Tether (USDT) enjoys a daily trading volume of about $40,058,042,121.
With over 4 million holders according to on-chain data, Tether USDT has facilitated about 175,246,251 transactions. Furthermore, the stablecoins market is vital to offset the high crypto volatility as traders either take refuge or profit.
Tether USDT Ugly Past
As the leading stablecoin by market capitalization and daily traded volume, Tether USDT has received significant attention from global lawmakers and media companies. According to a recent report by Wall Street Journal, approximately 86 percent of Tether USDT was controlled by four individuals by 2018. Notably, the WSJ had access to investigatory documents from 2021 probes of Tether by the New York Attorney General and the federal Commodity Futures Trading Commission (CFTC).
“One founder was a child actor turned early crypto investor. Another founder and top shareholder practised plastic surgery before turning to electronics importing and then crypto. One newer owner has gone deep into British politics,” the WSJ noted.
Reportedly, Giancarlo Devasini, Bitfinex’s chief financial officer, owned about 43 percent of Tether in 2018. The documents further note that Bitfinex CEO Jean-Louis van Der Velde and Chief Counsel Stuart Hoegner, each owned roughly 15 percent of Tether USDT by 2018.
The claims have, however, been vehemently opposed by Paolo Aordino, the chief technology officer of Bitfinex and Tether, stating the claims are uncalled for. Moreover, the company claims all Tether USDT is 100 percent backed by fiat currency.