Stable coin issuer Tether recently announced that it has destroyed roughly 500 million coins (USDT). While frying money seems like a very strange and silly thing to do (who wouldn’t want to be richer?), the currency issuer explained that it had “redeemed a significant amount of USDT from the circulating supply of tokens.”
Tether has been the subject of controversy and differing opinions over the last several months. As one of the cryptocurrency arena’s primary stable coins, Tether differs from payments coins like bitcoin and ether in the sense that it is tied to a fiat currency – in this case, the U.S. dollar – to assure that it doesn’t suffer from the same volatility witnessed in other forms of crypto. While bitcoin, ether, Litecoin and other assets are prone to wild price swings, Tether’s alleged connection to USD prevents this.