Tether burned 2 billion USDT on the Ethereum network, with Cointelegraph reporting the transaction on November 2, 2026. The burn was described as the removal of issued cryptocurrency from circulation, but it remained unclear whether it reduced the amount of USDT available in the market or cleared tokens that had already been redeemed. Whale Alert had reported a 2,000 million USDT burn by Tether Treasury on October 31, 2026, as part of routine supply management. That event followed a 2.5 billion USDT burn on July 7 and additional burns on May 8 and August 21. A separate 223 million USDT transfer from Bitfinex to Tether Treasury on October 31 could precede a redemption or burn, although the transfer alone does not establish either outcome. USDT circulation stood at approximately $180 billion to $184 billion in late October, making the reported burn slightly more than 1% of supply. Tether’s Q3 2026 attestation reported $1.5 billion in quarterly profit, $191.45 billion in assets, $183.5 billion in liabilities and $7.95 billion in excess reserves.