#TetherBurns2BUSDT

About TetherBurns2BUSDT

Tether burned 2B USDT on Ethereum in a single transaction, the largest single burn recorded by Onchain Lens recently. Since April 18, Tether has minted ~5B USDT on Ethereum; this burn represents ~40% of recent issuance, narrowing net new supply on Ethereum to ~3B. USDT burns are typically triggered by large institutional redemptions. The timing closely overlaps with a recent wave of heavy institutional buying. The identity of the redeeming entity has not been disclosed.