Yesterday at 20:00 Moscow time the company canceled the Tether 500 million stabilio of the same name. This community has learned from the official Twitter of the company.
Prior to that, the tokens Tether (UDST) were in storage wallet Tether treasury. Starting from 14 Oct to 23 Oct 680 million tokens received in the purse of the Treasury, which was mainly due to the recent fall in the price of cryptocurrency. Recall that a little over a week ago stablly lost 4% of its previous value in $1, which resulted in a margin on all exchanges as well as the growth rate of bitcoin (BTC). All of the foregoing translations were made from the addresses managed by the crypto currency exchange Bitfinex, which is closely associated with the Tether.
The situation has already appeared conspiracy theories: the balance of a cold wallet Bitfinex fell by 100 000 bitcoins since the beginning of September, which caused people to assume the exchange sells bitcoins specifically, and perhaps wants to withdraw from the market all or part of the USDT to recover their cost to$ 1. It is unknown if this is true, however, at least a quarter USDT tokens out of circulation for a week and a half, and now their total number is equivalent to $2 billion.
As the Director of public relations Bitfinex Casper Rasmussen (Rasmussen Kasper), the company does not attempt such actions to protect the parity of the dollar with stabilium. Rasmussen denies that deliberately reduces the exchange offer. According to him, the Tether tokens are removed from the market due to the fact that the volume of their turnover was more necessary for both companies. And the reason why a large part of all coin comes in a wallet with addresses Bitfinex, that the exchange is a major client of the Tether.
Now in the wallet of Treasury there are about 466 million USDT. As the Tether, they left this number as the preparatory measures for a future release stabilio.
Return USDT purse Tether describes herself as a ransom. In the white paper 2016, the company explained that the USDT holders can redeem their American dollars, just returning the tokens of the company. However it is not so simple. Says Tether, all their stabilini provided with Fiat, which is stored on the company’s accounts in the Bank, however, many members of the crypto community feel justified doubts on this score. Tether has never provided a comprehensive report that would confirm this fact.