In a significant move, Tether, the company behind the widely-used stablecoin $USDT, has burned 1.2 billion USDT on the Tron blockchain. This action was taken in relation to the funds accrued in the Treasury wallet, which were accumulated due to chain swaps and redemptions from previous periods.
It’s crucial to note that despite this substantial burn, the overall supply of Tether’s $USDt will remain unchanged. This ensures that stability and trust in the $USDT ecosystem are maintained, and users can continue their transactions without any disruptions.
The Transaction happened on August 22, 2023, at 17:17:36 UTC. Tether’s decision to burn such a significant amount showcases its commitment to transparency and the proper management of its treasury.
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Show more +The recent burning of 1.2 billion USDT by Tether on the Tron blockchain has sparked some concerns among USDT investors. However, this move appears to be a routine treasury management operation rather than anything nefarious. By burning a portion of the accrued funds in its treasury wallet, Tether is reducing the overall USDT supply across networks. This action does not affect the actual value or backing of existing USDT. The remaining USDT in circulation is still backed 1-to-1 with reserves, according to Tether.
USDT investors likely have no reason for heightened worries based on this burn alone. Overall, the burn seems to signal Tether’s commitment to responsibly managing its stablecoin, which should provide confidence to USDT holders.
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