Newsflash: Tether Destroys 500 Million USDT

Tether Limited, the issuer of the USD-pegged USDT cryptocurrency, has destroyed 500 million units of the embattled stablecoin.

Blockchain data reveals that earlier today, Tether transferred 500 million USDT from the token’s treasury address to this address, which the firm’s website indicates is the official USDT issuing address. Immediately following that transaction’s confirmation, the issuing address revoked the tokens, not only removing them from circulation (as tokens within the treasury are not counted as circulating) but also — once the transaction is confirmed — destroying them completely.

Tether Destroy 500 million USDT
Source: Omni Explorer

As CCN reported, USDT’s market cap has plunged in October, primarily because token holders have redeemed nearly 800 million USDT since the beginning of the month. Following these redemptions, nearly 1 billion tokens were sitting in the Tether treasury where they remained on-chain but out of circulation. At the time of writing, the treasury continued to hold approximately 467 million USDT.

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