Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Tether Redeems and ‘Burns’ Over Half of Stablecoin USDT in Circulation

Tether Redeems and ‘Burns’ Over Half of Stablecoin USDT in Circulation

Kelly Cromley by Kelly Cromley
Oct 25, 2018
in Market News, News
Reading Time: 2 mins read
0

Tether, which is the creator of the dollar pegged stable coin USDT, has announced that it has “redeemed a significant amount” of USDT crypto tokens from the circulation and is on course to “destroy” 500 million USDT from its treasury wallet.

According to the announcement made by Tether, this leaves 446 million USDT in its treasury, which can be used for future USDT issuances. The tokens redeemed and “burned” represent 52.8% of the total previous supply.

The redemption reflects on the OMNI blockchain explorer, which provides details of a confirmed transaction worth 500 million USDT in block 547155. Tether’s announcement recommends crypto investors to refer to the “conceptual” outlines of the token issuance and redemption process as explained in its white paper. The process as detailed in the white paper is as follows:

“every tether issued or redeemed, as publicly recorded by the Bitcoin blockchain will correspond to a deposit or withdrawal of funds from the [company’s] bank account.”

The white paper further elaborates that for the crypto side of its accounting processes, the transparency and unrestricted access offered by the Bitcoin (BTC) blockchain – on which tethers are created and distributed via Omni Layer’s protocol – makes sure that the token trades can be verified and monitored.

Omni Explorer shows that Tether’s token reserves currently stand at 466,678,763.48, which is in accordance with the company’s statement.

As far as fiat accounting is concerned, the white paper explains that, as a portion of “the ‘Solvency Equation’ for the Tether System […] the provability of [U.S. dollar reserves] will rely on several processes,” including Tether’s declaration of bank account balances on its funds balance page (“Proof of Funds”), and professional audits.

Previous Post

Air Canada Looks At Blockchain To Improve Sale Of Air Travel Products

Next Post

Coinbase Partners With Circle To Launch USDC Stablecoin

Related Posts

etherscan-unveils-hyperevm-scan

Etherscan Launches HyperEVM Scan to Boost Web3 Transparency

by Kelly Cromley
Jul 8, 2025
0

Etherscan, widely regarded as a leading blockchain data provider for the Ethereum network, has introduced a new dedicated block explorer...

Gunz-expands-native-token-to-solana-blockchain

$GUN Token Joins Solana in Major Blockchain Expansion

by Kelly Cromley
Jul 8, 2025
0

GUNZ, the Layer 1 blockchain ecosystem powering the AAA gaming title Off The Grid (OTG), has revealed plans to expand...

datavault-ai

DataVault AI Acquires SyncIN Tech to Advance Web3 Payments

by Kelly Cromley
Jul 8, 2025
0

DataVault AI Inc. (NASDAQ: DVLT), a technology firm based in Beaverton and currently valued at approximately $52 million, has announced...

tron-partners-with-trump

Tron Moves to Support TRUMP Coin Amid Market Uncertainty

by Kelly Cromley
Jul 8, 2025
0

Tron has disclosed its intention to integrate the TRUMP meme coin onto its blockchain through the LayerZero protocol, in a...

Dubai Land Department Partners with Crypto.com

Dubai Teams Up with Crypto.com to Digitize Real Estate Market

by Kelly Cromley
Jul 7, 2025
0

The Dubai Land Department (DLD) has entered into a strategic agreement with global cryptocurrency firm Crypto.com to establish a digitally...

hyperscale-data

Hyperscale Data to Launch Solana Validator Node in 3Q25

by Kelly Cromley
Jul 7, 2025
0

Hyperscale Data, Inc., listed on the NYSE American under the ticker GPUS, has announced that its fully owned subsidiary, Ault...

Next Post
Coinbase Partners With Circle To Launch USDC Stablecoin

Coinbase Partners With Circle To Launch USDC Stablecoin

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

etherscan-unveils-hyperevm-scan
Market News

Etherscan Launches HyperEVM Scan to Boost Web3 Transparency

by Kelly Cromley
Jul 8, 2025
Gunz-expands-native-token-to-solana-blockchain
Market News

$GUN Token Joins Solana in Major Blockchain Expansion

by Kelly Cromley
Jul 8, 2025
datavault-ai
Market News

DataVault AI Acquires SyncIN Tech to Advance Web3 Payments

by Kelly Cromley
Jul 8, 2025
tron-partners-with-trump
Market News

Tron Moves to Support TRUMP Coin Amid Market Uncertainty

by Kelly Cromley
Jul 8, 2025
Dubai Land Department Partners with Crypto.com
Market News

Dubai Teams Up with Crypto.com to Digitize Real Estate Market

by Kelly Cromley
Jul 7, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree