The company burned 6.6 billion USDT on the Tron blockchain and 4.5 billion USDT on the Ethereum network.
Tether Company Announces BurningUSDT stablecoin issuer Paolo Ardoino, CEO of the USDT stablecoin issuer, said that the withdrawal of the altcoin from circulation is the result of the latest redemptions.
Total burnt:
6.6 billion USDT on the Tron blockchain
4.5 billion USDT on the Ethereum network
According to CoinGecko, stablecoin has a market capitalization of $67 billion and is the third largest cryptocurrency in terms of volume, behind only bitcoin and Ethereum.
In May, Tether released a quarterly audit report showing a significant decline in commercial paper investment and an increase in U.S. Treasury bill investment.
Tether Consolidated Assets Up From $78.7billion to $82.4 billion quarter-on-quarter, according to independent auditors MHA Cayman. The document shows that the group's total assets exceed its total liabilities.
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