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Tether announces to burn 400 million tokens

Tether announces to burn 400 million tokens

September 17, 2019, | AtoZ Markets – Tether has shared a piece of information about the upcoming token burn which according to tweet would take place in a few days.

According to a tweet, Tether plans to shortly move 400 million Tether USDT as part of its Omni authorized but not issue pool to the issuance address in order to burn them.

Tether minted 300 million USDT burn

A few days ago, Tether’s treasury has minted another 300 million of its supposedly US dollar-backed stablecoin, USDT worth, confusingly, $301 million according to Whale Alert. The mint was part of a conversion of coins from the Omni protocol to the ERC-20 protocol, Tether tweeted yesterday.

Binance originally transferred the 300 million USDT from its exchange to the Tether Treasury. Tether then minted 300 million USDT and sent the coins back to Binance ten minutes after they were minted.

Read more: ECB considers Stablecoin threats to public policy priorities

It’s likely that Tether converted the tokens because Binance stopped accepting Omni, which it had announced back in July. Switching the Omni USDT tokens to ERC-20 USDT tokens keeps the tokens in the market. Tether said that total supply didn’t change during the process.

But there’s a conspiracy brewing. Whale Alert tweeted yesterday that: “The corresponding burn on Omni has not taken place yet.” In other words, might be Tether’s just keeping the tokens all to itself, hoping nobody notices, or it’s just an error.

Tether’s made big mistakes before: it accidentally printed $4.95 billion worth of its token back in July transferring funds from the Omni blockchain to the Tron blockchain.

 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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