On the Ethereum mainnet, Tether burned 3.5 billion USDT, according to Whale Alert. The burn occurred about an hour and a half ago. In a move tracked by Whale Alert, Tether burned 3.5 billion USDT on the Ethereum mainnet about an hour and a half ago.
The burn underscores ongoing supply management of the stablecoin on the network. Reducing circulating USDT on Ethereum can affect on-chain liquidity and the behavior of market participants.
The burn demonstrates ongoing activity around stablecoins as issuers adjust supply across blockchains. Ethereum remains a key venue for USDT on-chain activity, with large burns signaling shifts in liquidity and market dynamics. Overall, the development highlights continuing USDT supply adjustments and the evolving role of stablecoins in the Ethereum ecosystem.
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