Tether Has Yanked $610 Million Out Of Circulation This Month

Tether Limited, issuer of the dollar-pegged cryptocurrency tether (USDT), has yanked nearly a quarter of the controversial stablecoin’s market cap out of circulation since the beginning of October.

On Wednesday, cryptocurrency exchange Bitfinex sent another 50 million USDT to the Tether Treasury, marking the sixth time this month that the company — which shares a management team with Tether — pulled USDT out of circulation by depositing them into the treasury address. Tether has not issued any new tokens in October, and the last time that new tokens entered circulation was on Sept. 21, when the treasury sent 50 million USDT to Bitfinex.

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