[kangnkodos]

Who ends up holding all the $USDT?

Who are currently the biggest holders? Lots of different random individuals? All the people who have deposited cash into an exchange but haven't bought bitcoin yet/people who have sold bitcoin on an exchange, and haven't cashed out for USD yet? Institutions, if so which ones?

Where does it tend to pool up?

Are there any studies of where most of it sits?