Tether Burns $2 Billion of USDT on Ethereum Network
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 remained unclear whether the burn led to an actual decline in USDT circulation.
Summary
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Tether, the stablecoin issuer, has burned a total of $2 billion worth of USDT on the Ethereum network, as reported by Cointelegraph on November 2. Token burning is the process of removing issued cryptocurrency from circulation. However, it was unclear whether the burn reduced the amount of USDT in circulation or merely cleared tokens that had already been redeemed.
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