Tether, the company behind the USDT stablecoin, has burned 2 billion USDT, reducing the total supply. This is a significant move given the recent volatility in the cryptocurrency market. The burn was announced via Whale Alert, a service that tracks large cryptocurrency transactions. The burn occurred from the Tether Treasury address, and the coins were sent to a null address, effectively removing them from circulation. This is the largest burn of USDT in Tether's history. The company has previously burned smaller amounts of USDT, but this is the first time it has burned 2 billion. The burn is likely an attempt by Tether to reduce the total supply of USDT and increase its value. USDT is a stablecoin, meaning that it is pegged to the value of the US dollar. However, the recent volatility in the cryptocurrency market has caused USDT to trade at a premium to the US dollar.
