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
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