Tether and circle burning stables, why not buy bitcoin instead?

[nelson4lov]

Burning stables have no inherent benefits to their holders. It's not like there are intrinsic benefits to being a holder of both so I have absolutely no reason why they didn't just use the table coin to buy bitcoin and destroy those bitcoin rather than just burning stablecoins that does nothing for the greater good. Good move for the wrong reasons.

There are two reasons why they won't do what you suggested. One is because stablecoin doesn't have the interest of Bitcoin at hand, so they won't benefit from anything by buying and burning bitcoin. Secondly, they are removing excessive dust with that burning (at least that's what they want us to believe) so spending the coin instead of burning it can make the supply to be above the physical locked dust which is supposed to be keeping the value on 1-1

That's exactly my point. There will be no inherent benefits to bitcoin or even stablecoins for that matter of they choose to burn USDT or USDC. The notion of burning tokens stems from the fact that burning tokens means less supply but more demand have no benefits for stablecoin holders since it's always 1:1. They will do a lot of good if they just use the proceeds to buy bitcoin or sponsor some of the core researchers that put in serious work to continue bitcoin research.

[FinneysTrueVision]

That original comment from the screenshot may have been referring to stablecoins going out of circulation. It doesn’t mean that Tether and Circle are purposely destroying money that could be used elsewhere.

Tether does actually hold Bitcoin on their balance sheet. They have been buying Bitcoin for several years with a part of their profits. According to Arkham, they have almost 97,000 BTC in their reserve.

https://arkm.com/explorer/address/bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4

[TastyChillySauce00]

I don't understand why they advertise it. Even if tether burn all their usdt and just keep the supply at 100 usdt their coin's value still would be ~100 usd. So whats the point here for burning stable coins. If usd somehow got burn maybe we could get some benefits. Please explain me whats happening here what is the benefits for this burning.

On chain trackers did the announcement, I've never seen Circle announcing their token burning at all from their official channels. It's usually some twitter account that tracks events happening inside the Ethereum to give out some information.
I agree, even if only 100 USDT left in circulation, it won't change a thing because it's stablecoin and the fact that the image painting as if those burned stablecoin should've been 35k BTC spot bid is very misleading.