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Tether burns 500M of USDT stablecoins

On October 24, Tether, a company behind USDT stablecoin, announced it had destroyed 500M USDT from the Tether treasury wallet. The details of the transaction are available on OMNI explorer.

According to the official announcement, over the course of the past week, Tether has redeemed a significant amount of USDT from the circulating supply of tokens. After USDT burning, about 466m USDT remained in the Tether treasury wallet as a preparatory measures for future USDT issuances.

The company notes that the Tether issuance and redemption process is outlined in the Tether whitepaper.