Tether Treasury Transfers $90 Million USDT to Crypto Market Maker Cumberland
Crypto News Terminal19 Apr, 2024
Tether Treasury Transfers $90 Million USDT to Crypto Market Maker Cumberland
""" On April 20, 2024, on-chain analyst @ai_9684xtpa reported that the Tether Treasury transferred 90 million USDT to an address allegedly belonging to crypto market maker Cumberland DRW. The analyst explained that the address is among Binance's market makers, and 79% of USDT issued via Cumberland is eventually deposited on Binance. This is the second time in recent months that Tether has been linked to large USDT transfers. In March 2024, Tether transferred 100 million USDT to Bitfinex, another major crypto exchange. These transfers have raised questions about Tether's stability and the backing of its USDT stablecoin. Tether has maintained that its USDT is fully backed by reserves, but the company has not provided independent verification of this claim. Previously on April 19, 2024, on-chain analyst @ai_9684xtpa reported that "50 minutes ago, an address allegedly belonging to the Tether Treasury transferred 90 million USDT to an address allegedly belonging to crypto market maker Cumberland DRW." He explained that "the address is among Binance's market makers, and 79% of USDT issued via Cumberland is eventually deposited on Binance."
