Cumberland, a prominent player in the world of digital asset trading, has received a substantial infusion of 246 million USDT from Tether Treasury. This influx of funds has been promptly deposited into major crypto exchanges like Kraken, Coinbase, and OKX. It is a clear indication of the renewed momentum in the global cryptocurrency market, with institutional investments and significant transactions involving Tether’s stablecoin, USDT.
According to Lookonchain, Cumberland has received a total of 246.6 million USDT from Tether Treasury in the past 40 hours alone. This follows a period of inactivity, suggesting that the company is now returning to active trading. It is possible that this move is in response to favorable market conditions or strategic investment opportunities.
Cumberland has been consistently receiving USDT from Tether Treasury since October 2023. In total, they have amassed 6.102 billion USDT across 109 transactions, all of which have been directed towards exchanges. This demonstrates the company’s significant presence and influence in the crypto space.
The usage of Tether’s USDT continues to expand, with its circulation now exceeding 133 billion USDT. This further highlights the growing prominence and utility of this stablecoin in the digital economy. Additionally, TRON-based USDT has reached an impressive milestone, surpassing $60 billion in issuance. TRON is now the first blockchain to achieve this feat with a single stablecoin.
Cumberland is a subsidiary of the high-frequency trading firm DRW, based in Chicago. Recently, they obtained a BitLicense from the New York State Department of Financial Services (NYDFS), allowing their New York-based entity to engage in virtual currency activities. This regulatory approval solidifies Cumberland’s position in the market. Earlier this year, Fidelity Investments selected Cumberland to trade Bitcoin for its spot Bitcoin exchange-traded fund (ETF), which started trading in January.
In other crypto news, there is speculation about the impact of Trump’s pro-crypto stance on his campaign. The increased transactional volume in the crypto market, along with significant moves by entities like Cumberland, suggests that cryptocurrency is becoming increasingly relevant in the political landscape.