Tether destroyed 500 million USDT

According to the news revealed earlier today, Tether Limited, issuer of the embattled stablecoin, transferred 500 million USDT from the token’s treasury address to another one, indicated on the firm’s website as the official USDT issuing address. Immediately after this transaction, all the transferred tokens have been completely destroyed.

This move came shortly after USDT’s market cap plunge in October, when holders redeemed nearly 800 million since the beginning of the month, bringing the total valuation to less than $2 billion, representing an approximately 29 percent decline.

At 17:29 UTC, Tether published a statement confirming that the tokens have been destroyed. In preparatory measures for future issuances, approximately 466 million USDT will remain in the wallet. According to Tether’s official statement, the issuance and redemption process is outlined in the Tether whitepaper, with issuances and redemptions visible through observing the Tether treasury balance.