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Tether burned 1B USDT, what does it mean for Bitcoin ( $BTC ) and the crypto market? Updated: December 31 2024 11:31 AM UTC   In this post: USDT burns may be caused by a shift from TRON-based USDT to its Ethereum version. Tether sent out a transaction burning 2B TRC -20 tokens on TRON, as big exchanges redeemed some of their tokens. Tether is also monitoring EU-based usage, as USDT is considered non-compliant as of December 30. Tether burned 1B of USDT supply on the last day of 2024, at the end of a year when record USDT liquidity was injected into the market. The token burn raised questions about the direction of the crypto market.  Tether, Inc. burned 1B Tether (USDT), with no explanations on technicalities. The burn decreased the USDT supply from 138B to 137B, arriving after a series of smaller liquidity withdrawals.  Tether (USDT) supply climbed for most of 2024 but switched direction in the last weeks after it peaked at 140B. | Source: Coingecko The removal of $1B liquidity followed 10 days of gradually decreasing the supply, causing one of the first supply contractions since 2022. The recent removal of USDT was the biggest single burn for the past week, increasing the rate of reversal of USDT growth for the past year. The leading stablecoin expanded its supply constantly for the past 12 months. 
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