Alameda minted USDT of $39.55B, 47% of Tether’s circulating supply today.

Key Points:

• Alameda minted USDT of $39.55B, currently representing around 47% of the total circulating supply of Tether.
• Alameda Research’s redemption of USDT from FTX alone is estimated to be worth $3.9 billion.

Onchain data shows that Alameda minted USDT of $39.55B, a number that is 47% of Tether’s circulating supply today

Alameda minted USDT of $39.55B – Coinbase product director

According to Onchain data, Coinbase product director Conor Grogan recently shared on Twitter that Alameda Research, based on their analysis of on-chain data, has been responsible for the creation of a significant amount of USDT. Specifically, they have minted a staggering $39.55 billion USDT, which currently represents around 47% of the total circulating supply of Tether. This information is further supported by data provided by SBF, which suggests that the number of USDT minted by Alameda Research surpasses the value of their Assets Under Management (AUM) at its peak.

Notably, Tether’s off-chain destruction mechanism is one of the elements causing this phenomena. Rather than using a traditional deposit address, Tether directly sends the redeemed funds to their treasury department. Considering that all USDT redemptions from FTX can be attributed to Alameda Research, it can be estimated that they have redeemed an impressive $3.9 billion worth of USDT. This redemption activity took place over a period of just two days and coincided with the Luna implosion in May.

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