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Tether adds 540 million USDT in 8 days. Where did the money go?

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96.44% of USDT flows to the three major trading platforms of coinan, huobi and Bitfinex.

Original title: "more than 540 million, USDT's 8 days of additional full record, where did the money go?"
Beijing lianan

"And double 叒叕" are not enough! In march, teda company to USDT additional can be said to be "unscrupulous" state, speaking of teda USDT additional history, that can be said to be too many stories, its position in the stability of the currency field and business model is also many people to attack and envy. USDT as the current digital currency world "universal equivalent" in fact, the stability of the currency pegged to the dollar is there any real dollar mortgages seems to have not everyone concern today, along with the COINS once lifted after the outbreak in turn with global categories of commodities falling, especially in Beijing time on March 12, slump in the currency price, let the market on a voice: lack of money. Now that the fed is flooding the water like a sea king, the federal reserve's teda wave of money-printing seems less controversial.

In the early morning of March 25, Beijing time, teda also changed the recent 60 million USDT of the usual size of additional issuance, suddenly came 120 million USDT, and then at 21:22 in the evening, additional additional 120 million USDT, it can be said that the printing press at full power, so where is the "water" of teda flow? Here, we just do a simple analysis on the ERC20 USDT issued by teda on ebeneum during the period from March 12 after the currency price collapsed to March 22, which may also reveal the active degree and market position of current market participants.

After a massive 3.12 selloff in the aftermath, teda launched a 60 million USDT offering on ethereum at 01:36 am on March 13, followed by nine USDT offerings, totaling 540 million USDT, as of 21:39 am on March 20.During the period, the maximum interval of additional issuance is 4 days, and the minimum interval of additional issuance is 7 hours. We tracked the trend of relevant USDT from March 13 to March 22 in five layers. Finally, we counted 771 of the major transfers from the designated recipient exchanges, totaling 508188491.03 USDT.

On the whole, the USDT of this issuance involves many recipients. At least 17 wallets of business entities participate in the distribution process, including Binance, Huobi, Bitfinex, Okex, Nexo, KuCoin, RenrenBit, FTX Exchange, gent.io, Poloniex, HitBTC and other well-known exchanges or institutions.

With our tracking and statistical strategy, in the limited number of transfer confirmation flows into the exchange,Currency and security received the most amount, a total of 22,167,3689.89 USDT, the amount accounted for 43.62%, the number of transfer 273 times, the number of 35.41%.

Firecoins followed, obtaining 151945464.98 USDT, for example, the amount accounted for 29.90%, the number of transfer 395 times, the number of 51.23%.

The Bitfinex exchange, which has ties to teda, was third with 116,490,653.83 usdts, or 22.92 per cent.

Overall,The proportion of USDT obtained by the three exchanges of currency and safety, currency and Bitfinex is as high as 96.44%.This is also logically normal. For teda, the huge amount of USDT after its issuance is also mainly connected with institutions and injected into the market through them. For example, the federal reserve will not directly send money to American citizens, but inject liquidity into the market through asset purchase.

As one of the leading exchanges in the world, coinan and huoyuan both have active exchanges with USDT currency pairs. Coinan is a world leader in the field of floor trading, so it is reasonable to get more USDT injection. Before this, teda several times of huge OMNI USDT, TRC20 USDT and ERC20 USDT switching is also mostly initiated by the currency, it can be seen that the currency exchange has been a key node of exchange trading liquidity.

For firecoin, there is another reason, that is, its dominant position in the OTC market. Many people need to buy the USDT in the OTC market and trade the firecoin or withdraw the firecoin to other markets. As a result, firecoin has become the hub for the exchange between the field and the OTC market. As for Bitfinex, the reason is even more obvious.

From the active days of transfer transactions, transfer transactions were the most frequent on March 20, with a total of 146 transactions. The total amount accepted by each exchange was 145781890.91 USDT, accounting for 28.69% of the amount and 18.94% of the transaction times.

On March 13, the number of transfers was relatively small, with 9 transfers, with the total amount of 52629015.49 accounting for 10.36% and the number of transactions accounting for 1.17%.

It is worth mentioning that teda has faced criticism on every USDT issue before, because of the issue of collateral, but this time, there seems to be a lot less of it. The reason may not be so complicated, just because the market needs this, this time a lot of sense and logic can be put aside. On March 12 the currency prices plunged, active trading market, so we also once dispatch from the Angle of the COINS on the chain transfer analysis, under the condition of this market has been a problem: lack of money, please pay attention to the "money" does not mean that investors have no money (fiat), but the lack of enough USDT meet the demand of trading on the market. In this case, the supply of USDT is in short supply. As a result, the actual price of USDT purchased outside the market is not a 1:1 relationship with the us dollar, but more us dollars are needed to buy the equivalent USDT, that is, USDT has a premium, and the premium rate is even close to 6% at one time.

Under such circumstances, the continuous issuance of USDT by teda naturally became a behavior to meet the market demand. With the continuation of the issuance, the USDT premium did indeed start to decline, theoretically reducing the transaction cost, which was naturally welcomed by investors. In fact, the teda companies have also been adjusted secondary strategies, such as they once in a large number of secondary USDT, wave field network market reaction caused by related actions in fact a lot less, but then made to ERC20 USDT switch, but this time the teda natural righteousness is words can be said that this is our switch, total supply is constant. Since then, teda also made a so-called "has not been authorized to issue" concept, in fact, is there a secondary issue is not quickly distributed?

At the same time that the analysis of our observation period is completed, the road of ERC20 USDT of teda continues:

Beijing time on March 24 16:49:28 additional 60 million USDT

Beijing time on March 25 01:11:02 additional 120 million USDT

Beijing time on March 25 21:22:04 additional 120 million USDT

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