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 cryptodefix. The burn resulted in the destruction of 6.6 billion USDT on Tron and 4.5 billion on the Ethereum blockchain.
FYI: Tether is burning the tokens sitting in the treasury wallets, resulted from past period redemptions. Tokens in the treasury wallet are not to be considered issued and they are burned periodically.— Paolo Ardoino (@paoloardoino) June 20, 2022
- 6.6B on TRC20
- 4.5B on ERC20 https://t.co/GKycjkn7b5
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.