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.
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
Current burns:
- 6.6B on TRC20
- 4.5B on ERC20 https://t.co/GKycjkn7b5
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