According to the report, Chinese exchanges in 2019 thus far account for over $10 billion in USDT trading. The United States, in contrast, is said to account for only $450 million of USDT traded. Global exchange giants Binance and Bitfinex reportedly account for close to the remaining amount of Tether traded, accounting for 31% of USDT activity.
Additionally, the analysis concludes that the trading numbers are not misleading. According to their findings, a similar amount of sending and receiving of USDT happens both in China and globally, suggesting that the numbers represent actual trading activity and not just cryptocurrency whales cashing out.