Despite losing 1% of its USD peg recently, Tether has 60% of its total supply spread across multiple exchanges, with Bitfinex holding the largest share.
Digital assets are being offloaded from exchanges and finding their way into cold wallets as the cryptocurrency market becomes more bearish.
However, Bitfinex’s stablecoin inflows are quite different. According to on-chain data provider Glassnode, Tether (USDT) holdings on the exchange surpassed $11 billion on November 29.
This amount accounts for a sizable portion of the total USDT share held across major cryptocurrency exchanges, which is estimated to be around $18 billion as of this writing.
The stablecoin’s total exchange holdings account for 60% of its total supply, with nearly $30 billion Tether spread across cold wallets.
Binance exchange also held a significant amount of USDT, approximately $5.5 billion, but decided to exchange 50% of the amount for BUSD.
