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USDT eliminated 610 million dollars from circulation in October

USDT eliminated 610 million dollars from circulation in October
Oct 19, 2018 by Rico Wise

This Wednesday, the Bitfinex cryptoexchange has deposited another 50 million Tether tokens to the Tether Treasury, signifying the 6th time in October when the firm withdrew tether from circulation via deposit of the tokens to the treasury vault. Tether Limited did not issue any coins this month, and the previous issue took place on September 21, when 50 million tether tokens were sent to Bitfinex from the treasury.

Such transaction increase the market capitalization of the stablecoin to the level over 2.8 billion dollars, registering a new all-time peak. In the following month, the supply of the stablecoin tokens in circulation has dropped by 610 million dollars, shortening the quantity of outstanding USDT coins by a whopping 22% to just above 2.2 billion.

Nevertheless, the market capitalization of the stablecoin is now approximately at 2.16 billion USD, because of the continuous trading below its presumed 1 USD price since October 15.

It is worth noting that the majority of the outflows took place either subsequent or directly prior to the loss of the USD peg, turning the worldwide average value of the stablecoin to 0.92 USD. Transactions that took place on October 3 and 9 withdrawn a collective amount of 110 million dollars from circulation, however the other 500 million dollars were chopped off in just three days, October 14-17, accounting for a 19% drop within a 72-hour period.

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