Tether burned $11 billion worth of tokens

USDT stablecoin developers burned 6.6 billion tokens on the Tron blockchain and 4.5 billion on the Ethereum blockchain.
Tether burned $11 billion worth of tokens

Tether announced it has burned $11.1 billion in tokens. Paolo Ardoino, head of USDT stablecoin Issuer, said that the token withdrawal is the result of recent redemptions. This is a text from project cry​ptodefix. The burn resulted in the destruction of 6.6 billion USDT on Tron and 4.5 billion on the Ethereum blockchain.

Based on data from CoinGecko, USDT stablecoin has a capitalization of $67.3 billion, which puts the token at number three in the cryptocurrency rankings.

In May, Tether published a quarterly audit report. It says that the company has reduced investments in commercial assets and increased investments in U.S. Treasury bills.

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Tether The coin is tied to fiat money, including the dollar, euro and Japanese yen.
The coin is tied to fiat money, including the dollar, euro and Japanese yen.

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