Tether destroyed 500 million tokens USDT
The issuing company is tied to the US dollar stablon USDT destroyed 500 million it issued tokens.
According to blockchain, Tether Limited transferred 500 million USDT with storage addresses to another address that was previously used to issue tokens. After this, the address of the recipient initiated the procedure for cancellation tokens.
On its website, Tether has issued a statement regarding this procedure. “In the last week of Tether repaid a significant amount of tokens USDT. In accordance with this Tether will destroy USDT 500 million in purse storage Tether, leaving the other USDT (about 466 million) in the wallet as the preparatory measures for the release of USDT in the future,” the company wrote. “The concept of issue and withdrawal of the Tether is described in the white paper Tether. Issue and redemption of tokens available to the public in the blockchain OMNI”.
According to the white paper Tether, USDT holders can redeem their tokens with real US dollars in the accounts of the company. Tether claims that each token USDT secured U.S. dollar, which has repeatedly challenged the skeptics.
A well-known critic Tether and Bitfinex, on Twitter under the name “Bitfinex’ed”, was not impressed by today’s announcement. “No man can say that USDT converted into dollars and got a translation of the Tether”, – he wrote.
From the beginning of large holders USDT actively translated tokens in the vault Tether, so for a few weeks by transferring about 800 million USDT. With only one wallet affiliated with the Tether exchange Bitfinex over the last week has received 680 million USDT. After that and until today in the vault of the Issuer, there were about 1 billion USDT.
Events unfold against the background of a significant deviation from the course of USDT from the dollar, which occurred last week, and dissemination on the market of alternative tablconv.