Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Tether Treasury Socks Away One-Third of USDT Supply

Published 10/22/2018, 05:24 AM
Updated 10/22/2018, 06:41 AM
 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...


This article appeared first on Cryptovest

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.