Tether Burns 2B USDT on Ethereum

A burn of this size is a supply-side signal worth reading alongside redemption flows and treasury operations, not in isolation. It touches stablecoin liquidity most directly on Ethereum, where USDT remains a core trading and collateral asset, so the practical question is whether the reduction tightens available depth or simply reflects shifts in where issuance is parked. Whether further burns follow, and how Ethereum-based liquidity responds, is the open question.