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Tether sheds $11 bln worth of its own tokens

Tether sheds $11 bln worth of its own tokens

The company burned 6.6 bln USDT on the Tron blockchain and 4.5 bln USDT on the Ethereum network.

Tether announced the burning of $11.1 billion worth of its own tokens. Paolo Ardoino, CEO of the USDT stablecoin issuer, said that the withdrawal of the altcoin from circulation is the result of recent payoffs.

A total of 6.6 billion USDT was burned on the Tron blockchain and 4.5 billion USDT on the Ethereum network. 

Recall that in May, Tether released a quarterly audit report, showing a significant decrease in investments in commercial paper and an increase in investments in U.S. Treasury bills.

According to a report from independent auditors MHA Cayman, Tether's consolidated assets rose from $78.7 billion to $82.4 billion from the previous quarter. The document shows that the group's total assets exceed its total liabilities.

Today, the market capitalization of stablecoin is $67 billion. In terms of volume, it ranks third among the largest cryptocurrencies, giving way only to Bitcoin and Ethereum.

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