Tether burned 500 million tokens USDT

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Tether burned 500 million tokens USDT

24 Oct Tether, the company that produces the eponymous stablein, announced on Twitter that destroyed 500 million tokens USDT. This news was reported by CoinDesk.

The tokens were stored in the account known as “Treasury Tether” (treasury). Over the past few weeks have seen a massive influx of tokens in the “Treasury”, especially after last week, the cryptocurrency has lost parity with the U.S. dollar.

On October 14, USDT when the price started to fall below $1 on October 23, 680 million tokens USDT has been moved to wallet “Treasury”. All of these translations came from the address-controlled crypto currency exchange Bitfinex.

Since the beginning of September the balance of cold wallets Bitfinex has decreased by about 100,000 bitcoins. It gave food for speculation that the exchange is spending bitcoins to buy USDT in order to return the exchange rate to around $1 or even completely undermine the business stablon. While the press Secretary Bitfinex has not responded to a request for comment.

As a result of these transfers the stock of USDT in circulation for a week and a half has decreased by about a quarter, to $2 billion Now, many of these tokens were destroyed by the company.

24 Oct Tether reported that he had burned all of USDT in the “Treasury”: approximately 466 million coins remain on the account “as a preparatory measure for future emissions USDT”. The statement exchange translation USDT in “the Treasury” are characterized as repayment (redemption) — the process described in the original white paper Tether, published in 2016.

Meanwhile, an anonymous enemy Tether under the name Bitfinex’ed continues to criticize the company via Twitter. In particular, he said that the translation of the tokens in the “Treasury” can hardly be regarded as the true redemption.

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