Tether Treasury Socks Away One-Third of USDT Supply
Cryptovest
Published Oct 22, 2018 05:24AM ET
Updated Oct 22, 2018 06:41AM ET
Tether Treasury Socks Away One-Third of USDT Supply
The Tether treasury now holds about a third of the total supply of USDT after mopping up excess coins from Bitfinex over the weekend. The trend of retrieving USDT, effectively removing the coins from exchanges and circulation, began only at the end of September, prior to which the treasury was pouring in liquidity.
On October 19, an additional 50 million USDT left Bitfinex after 80 million units were taken away from the exchange on previous days. As a result, the treasury holds 916,678,763 USDT, while Bitfinex has been left with just 14,367,592 USDT. Over the weekend, the exchange saw its supply go as low as 9 million USDT, but traders keep depositing the coins. This cycle has continued for days, and the Tether company does not have to provide backing for the USDT retired to the treasury. Yet, there are still more than 2...
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Written By: Cryptovest
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