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It seems Tether has conducted a large-scale USDT burn. I heard they processed $2 billion worth on the Ethereum chain all at once. Since it was early morning, the market probably hadn't reacted yet.
Looking at the background, it appears that since mid-April, Tether has been issuing USDT on a scale of $5 billion. This time, they burned half of that, $2 billion. It might be for liquidity adjustment or some strategic reason.
Managing the supply of stablecoins is quite an important move. When Tether performs such large-scale burns, it can also influence market sentiment. It’s worth paying attention to future issuance and burn patterns.