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Tether CTO Confirms The Company Has Never Destroyed Ethereum-based USDT

Emily Mason

Summary: Tether has held on tight to its Ethereum tokens even as the company has destroyed unneeded USDT on Omni and Tron, CTO of for Tether and Bifinex, Paolo Ardoino, said in an interview with cointelegraph.com. A report from Flipside Crypto showed that Tether has never burned an ETH token. Ardoino attributed the company's stockpile of ...

Tether has held on tight to its Ethereum tokens even as the company has destroyed unneeded USDT on Omni and Tron, CTO of for Tether and Bifinex, Paolo Ardoino, said in an interview with cointelegraph.com.

A report from Flipside Crypto showed that Tether has never burned an ETH token. Ardoino attributed the company's stockpile of Ethereum to the popularity of the blockchain and high demand for ERC20 based USDT. 

 "Accordingly, when redemptions have been processed, Tether retained those USDts in its authorized but unissued — and unbacked — inventory for future market demand,” Ardoino said in his statement to cointelegraph.

By Emily Mason

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