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. 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.

Mentioned project

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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