Alameda Minted $38B in USDT in 2021 Despite Lacking Backing Assets, Accounting for 47% of Tether's Supply

Alameda Research minted over $38B in USDT tokens in 2021 despite not having equivalent assets under management.

This USDT minting was 47% of Tether's total supply in 2021.

Alameda redeemed 3.9B USDT during Terra's collapse in May 2022.

Former Alameda CEO said they profited from arbitrage between USDT and other stablecoins.

Alameda was able to safely make big bets due to ability to create and redeem USDT as needed.