Long Take: The role of Alameda and Cumberland as USDT market makers

Gm Fintech Architects —

Today we are diving into the following topics:

• Summary: We look at a recent report from Protos that traces the issuance of USDT to the institutional players in the centralized crypto capital markets. The data reveals the market share of players like Alameda, Cumberland, Jump, and others in powering trading in exchanges. We try to contextualize this market structure with what exists both in (1) investment banking and (2) decentralized finance. The analogies are helpful to de-sensationalize the information and calculate some rough economics.

• Topics: asset allocation, decentralized finance, money market funds, exchange and capital markets

• Tags: Alameda, FTX, Cumberland, Citadel, Jump Trading, Jane Street, Virtu, Curve, USDT, USDC, Circle, DAI, Maker

If you got value from this article, please share it. Long Takes are now premium only, and we need your help to spread the word about how awesome they are!