Tether to Burn 500M USDT

The company said that the process of destruction and release of new tokens is clearly prescribed in the whitepaper
25 October 2018   1067

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.

Tether to Report on Integration With Aave

One of the first steps in expanding in DeFi space is cooperation with Aave, non-custodian crypto-lending platform, formerly known as ETHLend
11 March 2020   257

Tether Technical Director Paolo Ardoino spoke at the Digital Asset Summit event and revealed his company's plan to expand in the decentralized finance (DeFi) space. Ardoino said that DeFi platforms have shown significant interest in the Tether stablecoin and are ready to work with its issuer.

The first such agreement was signed with non-custodian crypto-lending platform Aave, formerly known as ETHLend. The parties to the agreement intend to “ensure wider adoption of Tether (USDT) as a financial instrument in the nascent ecosystem of decentralized finance.”

In particular, we are talking about the so-called instant loans, when the user can receive funds without collateral, but must return them in the same block with which they were provided to him. Public attention to this new type of lending was attracted after attacks on the bZx platform. Companies note that it also finds many useful areas of application, for example, in arbitration on the blockchain or when moving trading positions between DeFi platforms.

I believe that DeFi is one of the most promising markets or technologies that are rising at the moment. The entire ability of having on-chain exchanges and loan issuance is a key element of growth for the entire crypto system. [...] It’s normal for Tether to try to lead the space or be the most-used stablecoin in the space.

 

Paolo Ardoino

Tether Technical Director

The interest rate on such deposits can vary significantly over time. Shortly after adding USDT to the Aave platform, it was 12%.