Treasury of Tether burns more than USD 74 million in USDT

By Exe8422 | Criptonoticias | 10 May 2019


 

Tether's treasury decided to burn the equivalent of more than USD 74 million in its USDT parity crypto, in order to stabilize its price again at USD 1.

Although there are no further details about this decision, this movement is striking due to its size. The fact that Tether has admitted that only 74% of its cryptoactive is supported by US dollars could have influenced an increase in its demand, which would have caused the price to fall, forcing this decision of the treasury.

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Before the USDT burned, the cryptocurrency had a price of USD 0.996, which means that its quotation was below the amount established in the design of the cryptoactive, stipulated in USD 1. In total, 74,329,792 USD were destroyed.

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It should be noted that the treasury management in TRON received 71 million USDT through three different transactions before destroying the USD 74 million. One was made a week ago, while the other two were made just hours before the burn.

USDT had an exchange volume of USD 15,577,770,683 in the last 24 hours, with BitMAX, FCoin and BW.com its main markets. The main exchange pairs are PAX, USDC and BTC.

Featured image by gabe9000c / stock.adobe.com.

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Exe8422
Exe8422

Digital blog that covers information about Bitcoin technology, currently known as Blockchain or Distributed Accounting Technology


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