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Tether Limited Destroys 500 Million USDT Tokens

11:17 25/10/2018

Tether Limited has destroyed 500 million USDT stablecoins, according to a company’s press release.

 

Following these action, there are approximately 466 million USDT tokens in the Tether wallet left, and they will be used for further USDT emission. The company’s representatives notify that the burning and release of tokens has been done in accordance with the key rules of the Tether white paper, where everything was outlined in advance.

 

Immediately after the destruction of a large amount of tokens, a heated social network discussion began. Some people believe that the burning of USDT tokens will have a beneficial impact on the entire cryptocurrency sphere. Moreover, healthy competition among stablecoins is always welcomed, therefore, the more they emerge in the marketplace, the less is Tether’s influence. There is also a bit of humor in statements, where one of the users regrets that he didn’t get a share of the destroyed tokens.

 

Meanwhile, the crypto community continues to discuss the situation with USDT after sharp price fluctuations in mid-October. The main question addressed to the Tether company is whether the cryptocurrency is backed by the US dollar.

 

Crypto exchanges are increasingly turning their attention to other stablecoins, which recently have begun to conquer the market. Even if trading platforms have no confidence in USDT, the listing of TrueUSD (TUSD), Paxos Standard (PAX), Gemini Dollar (GUSD) demonstrates their desire to secure and expand the supply of tokenized dollars.

 

As previously reported, Binance conducted one more burning of BNB tokens worth $17 million. 

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