Tether Treasury Completes Burning of 102 million USDT

Tether Treasury Completes Burning of 102 million USDT

Tether Treasury has announced completing the burning of 102 million USDT.

The issuance of USDT is very common in the crypto market. The USDT, the world’s ninth largest cryptocurrency, has been linked to Bitcoin (BTC), with an accuracy rate of 70%.  

However, the market’s reaction to this significant event is still unclear.

Over the last 24 hours, USDT has declined 0.26% to $0.997.

Whale Alert (@whale alert) has recorded the burn of 102 million USDT. Bitfinex CTO Paolo Ardoino also confirmed the event.

Tether Treasury is not the only entity to burn its stablecoin. For example, Pax Treasury planned to burn some of its PAX coins. Whale Alert has picked up the burn of nearly 1 million.

Although the burn of this massive USDT amount is relatively rare for the company, it has become common in 2020.

Tether Treasury had surprisingly destroyed almost USDT worth $64.4 million on 20 January. However, it is unclear if the burn was due to individual redemptions. Some expected a shake-up in the company, which led to this significant event.

However, the stablecoin destruction is contrary to previous forecasts that the crypto market would see the injection of around $6B. Therefore, the most recent burn by Tether Treasury does not inspire much hope about the injection of fresh coins.

Cryptolydian earlier reported that Travala, a leading company offering Blockchain-based hotel booking, has announced accepting room booking with the most popular cryptocurrency Tether (USDT).

CEO Matt Luczynski said:

“Part of our mission is to provide our users with a wide choice of the most well-known and used cryptocurrencies so it made perfect sense for us to integrate Tether as a payment option on Travala.com.”

Beside Tether, the travel agency also accepts payment of other cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin and Binance Coin.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.