Tether Limited burned 500 million tokenized dollars USDT. Tether Limited transferred USD 500 million from the storage address to another address that was previously used to issue tokens. After that, the recipient address initiated the procedure of tokens cancellation.
The official statement said that approximately 466 million USDT remained in Tether treasury, which will be used for future emissions. The company stressed that the process of destruction and release of new tokens is clearly prescribed in the whitepaper.
Some users of social networks have expressed the opinion that it is generally good for the cryptocurrency ecosystem.
Since the beginning of the month, major USDT holders have been actively transferring tokens to the Tether repository, thus transferring about 800 million USDT in a few weeks. Only one wallet affiliated with Tether Bitfinex exchange for the last week received 680 million USDT. After that, and until today, about 1 billion USDT were in the issuer's repository.