Cumberland, a prominent digital asset trader, has received a significant infusion of 246 million USDT from Tether Treasury. These funds have been promptly deposited into leading crypto exchanges such as Kraken, Coinbase, and OKX. This influx of funds indicates a renewed market momentum in the global cryptocurrency market, which is seeing strong activity and institutional investments involving Tether’s stablecoin, USDT.
According to Lookonchain, Cumberland has received a total of 6.102 billion USDT across 109 transactions since October 2023, highlighting its consistent position as a recipient of USDT from Tether Treasury, specifically directed towards exchanges.
The recent surge in USDT inflow to Cumberland after a period of inactivity reflects a strategic return to active trading, possibly in response to favorable market conditions or investment opportunities. This is an exciting development in the crypto market, as Cumberland’s actions indicate increased transactional volume and potential growth.
The usage of Tether’s USDT continues to expand, with its circulation surpassing 133 billion USDT, highlighting its growing prominence and utility in the digital economy. Additionally, TRON-based USDT issuance has exceeded $60 billion, making TRON the first blockchain to achieve this milestone with a single stablecoin.
Cumberland, a subsidiary of DRW, a high-frequency trading firm based in Chicago, has recently obtained a BitLicense from the New York State Department of Financial Services. This regulatory approval allows Cumberland’s New York-based entity to engage in virtual currency activities, further solidifying its position in the market. Earlier this year, Cumberland was also chosen by Fidelity Investments to trade Bitcoin for its spot Bitcoin exchange-traded fund, which started trading in January.
In other cryptocurrency news, there is speculation on whether Trump’s pro-crypto stance will have a significant impact on his campaign.
