Tether Burns $2 Billion of USDT on Ethereum Network
JH Kim
Summary
- Tether reportedly burned $2 billion worth of Tether (USDT) on the Ethereum network.
- The USDT burn was described as a process for removing issued cryptocurrency from circulation.
- It was unclear whether the burn led to an actual decline in USDT circulation.
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Tether, the stablecoin issuer, has burned $2 billion worth of USDT on the Ethereum network.
Cointelegraph reported on November 2 that Tether burned a total of $2 billion worth of USDT on Ethereum.
Token burning is the process of removing issued cryptocurrency from circulation.
It was unclear whether the burn reduced the amount of USDT in circulation or merely cleared tokens that had already been redeemed.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.