Against the background of active competition of stablecoins, a massive outflow of funds from Tether continues - since the beginning of October, the capitalization of the USDT token has decreased by more than $ 1 billion, CCN reportes.
On October 30, Tether Limited destroyed 100 million USDT, reducing the total volume of tokens to 1.8 billion. Another 50 million USDT were destroyed the next day.
In total, since the beginning of October, Tether has burned about 990 million tokens. It is noteworthy that at the begining of November 2017, about 450 million USDT were in circulation totally. With the current price of just under $ 1, token capitalization has decreased over the past month by more than $ 1 billion and more than 37% in history.
On October 31, Tether, which was at eighth place in the CoinMarketCap for a long time, moved down one line. At the time of publication, Monero is separated by a little more than $ 50 million.
Note that on November 1 Tether sent 100 million USDT tokens to the Bitfinex exchange account.
While Tether is experiencing obvious difficulties, its competitors in the face of TrueUSD, USD Coin and Paxos Standard are showing rapid growth. The total capitalization of these steablcoins to date has exceeded $ 400 million. And although this doesn’t compare with Tether's loss of $ 1 billion, this fact suggests that the USDT is losing confidence due to the opacity of operations, problems with banks and dubious links with Bitfinex.