Tether destroyed 500 million USDT

October 25, 2018
Darya Karatkevich

Tether burnt 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.

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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