Why are stablecoins being burned instead of buying Bitcoin?

SilentBear · 2022-01-08T11:30:00.000Z

So I've been wondering, Tether and Circle just burned about 2.1 billion dollars worth of stablecoins in a week. That's a lot of cash, could've bought like 35,300 bitcoins. Why not do that instead?

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ben.matrixNewbie

Posts: 3546 · Reputation: 35

#21Jan 16, 2022, 05:25 AM

So burning is all about staying in the regulators’ good graces? Seems wasteful, but if it keeps them pegged, I guess that’s something.

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Why are stablecoins being burned instead of buying Bitcoin?

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