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Conor Grogan, a director at Coinbase, recently took to X to point out that on-chain data reveals that Alameda Research minted 39.55 billion USDT tokens.Alameda Research’s Role in USDT Minting
Onchain data shows that Alameda was responsible for minting $39.55B of USDT, a number that is 47% of Tether’s circulating supply today Furthermore, Grogan’s findings also raised questions about the redemption process for USDT. He highlighted the challenges in determining redemptions, pointing out that Tether appears to coordinate off-chain burns. Unlike other cryptocurrencies with deposit addresses, USDT redemptions involve direct transactions with Tether’s treasury, making it difficult to track accurately.
Alameda Research, spearheaded by crypto billionaire Sam Bankman-Fried, is a “multistage crypto and fintech investment firm.” SBF founded the firm in 2017. The company has gained prominence in the crypto industry through its association with the FTX exchange and participation in numerous funding rounds and investments.
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