Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: "In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency." Additionally, analyzing the supply held by the top exchange addresses provides valuable insights. Comparing the top 10 largest addresses for both Tether USDT and USDC with the overall supply on exchanges reveals that most of the largest addresses are currently situated on exchanges. 0.00000.0000LowThese are the lowest points the exchange rate has been at in the last 30 and 90-day periods.