Tether LTD Destroys 500 million USDT
Tether LTD, the company that issues stablecoin tether (USDT), destroyed 500 million tether today.
Earlier this week, USDT lost parity with its dollar peg. Further, crypto exchange Bitfinex (which shares multiple owners and managers with Tether LTD) removed 630 million USDT from circulation by sending them to a tether treasury wallet in multiple transactions.
According to Omni Explorer, 500 million USDT were sent from here to here on October 24, which were then revoked AKA destroyed in a separate transaction.
Tether LTD issued a statement about the move on tether.to:
Over the course of the past week, Tether has redeemed a significant amount of USDT from the circulating supply of tokens. In line with this, Tether will destroy 500m USDT from the Tether treasury wallet and will leave the remaining USDT (approx 466m) in the wallet as a preparatory measures for future USDT issuances.
Conceptually, the Tether issuance and redemption process is outlined in the Tether whitepaper, with issuances and redemptions visible through observing the Tether treasury balance on the OMNI blockchain.
USDT market cap is currently $2,002,263,830 USD.
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