In a recent Twitter thread, Conor Grogan, Coinbase’s director of product strategy and business operations, has shed light on how Alameda Research, a trading firm associated with FTX, played a significant role in the dominance of Tether’s USDT stablecoin. Grogan’s on-chain analysis revealed that Alameda minted a staggering $39.55 billion worth of USDT, accounting for a substantial portion of Tether’s circulating supply. This figure surpasses Alameda’s assets under management during the crypto peak. Grogan also highlighted the challenge of obtaining accurate data on USDT redemptions but speculated that Alameda may have redeemed around $3.9 billion USDT, particularly in May 2022 when Terra Luna experienced a significant downturn. Grogan’s findings align with a previous thread by Alameda’s former CEO, Sam Trabucco, who acknowledged the firm’s involvement in arbitrage opportunities and its ability to create and redeem large amounts of USDT. Notably, Alameda’s ex-CEO, Caroline Ellison, is expected to testify in the ongoing trial of FTX founder SBF, who faces fraud-related charges. With Tether’s USDT maintaining a dominant position among stablecoins, this revelation sheds light on the significant role played by Alameda Research in its market presence.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 0 |
| People | Caroline Ellison, Conor Grogan, Sam Bankman-Fried, Sam Trabucco |
| Companies | Tether, Alameda Research, Coinbase, Terra Luna, FTX |
| Currencies | Bitcoin, Tether, Terra Luna Classic |
| Securities | None |
