Tether burned 500 million USDT. What happened?
Source:
Yesterday the company, which is responsible for the release of the main stablein of the stock market, announced on Twitter on burning 500 million tokens USDT. Earlier, these coins were stored in the so-called «Treasury Tether». Over the past few weeks to address the Treasury came millions of USDT. It happened once in cryptocommunist began to rise about the stability of the Tether.
Total from 14 to 23 October this purse came over 680 million USDT. Transactions conducted exchange Bitfinex, which is very closely cooperates with the Tether.
theWhat is the use of burning coins
Since the beginning of September with cold wallets Bitfinex took more than 100 000 bitcoins. Some experts noted that the exchange's management is trying to push Tether with the stock market. As a result of the transaction stock exchange number of USDT in circulation fell to $ 2 billion.
Tether has just destroyed USDt 500M from the Tether treasury wallet with the following tx:
For more information see the announcement here:— Tether (@Tether_to)
Director of public relations Bitfinex Kasper Rasmussen said that the actions of the exchange «have nothing to do with dollar parity». Bitfinex and Tether, according to him, will fully guarantee podkreplennost USDT a dollar at a ratio of 1 to 1. He denied all the rumors that Tether allegedly trying to artificially reduce the total number of tokens USDT.
Stablon redeemed when «number of USDT in circulation exceeds a sufficient number of coins required for operation, for example, Bitfinex and Tether». Rasmussen also said that Bitfinex is the main client of Tether. That's why much of the destruction of the coins came from the wallets of the exchange.
image Source — Bitcoinist
Recall that the process of transferring USDT «Hm Treasury Tether» is called a ransom of coins. The operation is described in detail in the original project. He guarantees to each holder USDT the ability to purchase tokens his company for dollars. However, many experts still in full provision of the required Tether mass of Fiat.
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