Tether Destroys 500 Million USDT

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Total News – Atlanta, GA 10/25/2018. Tether, the company behind the largest stablecoin USDT, announced on October 24 that it destroyed 500 million USDT from the Tether treasury wallet.

The announcement also added that this will leave the approximately 466 million remaining USDT in the wallet in preparation for future USDT issuances.

According to Coindesk, from Oct. 14, when USDT started to slip below $1.00, to Oct. 23, 680 million USDT were transferred to the company-controlled Treasury wallet. All of these transfers came from an address controlled by Bitfinex, a cryptocurrency exchange that overlaps with Tether in terms of ownership and management.

It also noted that Bitfinex's cold wallet's balance has fallen around 100,000 BTC since early September which led to speculations the Bitfinex has been spending bitcoin in order to take tether off the market.

Kasper Rasmussen, Bitfinex's director of communications, said that what Bitfinex did has nothing to do with defending dollar parity and denied that Tether is intentionally scaling back supply.

View the full announcement here.

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