Tether (USDT) losses dollar peg after the recent stablecoin drama with Terra’s UST

Tether (USDT) losses dollar peg after the recent stablecoin drama with Terra’s UST
фото показано с : invezz.com

2022-5-13 18:25

Tether (USDT) has become the next stablecoin to suffer from the ongoing stablecoin fiasco that started with TerraUST de-pegging from the US Dollar.

USDT traders were treated to a scare after the price of USDT lost its dollar parity and slid below $1 to trade as low as $0.97 before recovering to trade above $0.99 at the time of writing according to CoinMarketCap.

The instability of USDT has sent the entire crypto market into a frenzy mode since it is the most traded stablecoin.

Why did USDT lose its dollar parity?

Since USDT is the most traded stablecoins, it is one of the cryptocurrencies that is being sold off by traders following the recent UST stablecoin meltdown. Traders are selling their USDT coins to reduce their crypto exposure as the general crypto market plunge.

Interestingly, traders have leaned towards the USD Coin (USDC) and Binance USD (BUSD) causing the two stablecoins to surge.

Tether’s founder said that Tether has seen USDT to US Dollar conversions worth over $300 million in the past 24 hours as traders shift their focus away from the USDT and as they take caution following the UST meltdown.

As a result, Bitfinex, which is the exchange that operates USDT, has said that it is backing the USDT value with a massive reserve pool majority of which contains cash and cash equivalents.

Nonetheless, there are concerns about Tether not being transparent with its reserves with some investors saying that the recent USDT price dip could have been caused by Bitfinex’s inability to effectively back the stablecoin.

Tether has however said that it shall begin a chain swap for its token to move them from the Tron blockchain to Ethereum and Avalanche blockchains. One billion USDT tokens will be moved to Ethereum while 20 million USDT tokens will be moved to Avalanche.

The post Tether (USDT) losses dollar peg after the recent stablecoin drama with Terra’s UST appeared first on Invezz.

origin »

Bitcoin price in Telegram @btc_price_every_hour

Tether (USDT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.9994
Капитализация $0 Rank 99999
Цена в час новости $ 0.9979 (-100%)

usdt stablecoin dollar tether price traders treated

Источник: invezz.com

usdt stablecoin → Результатов: 126


Tether (USDt) Surpasses US$100 million on Compound as World’s Most Liquid Stablecoin Drives DeFi Growth

ROAD TOWN, British Virgin Islands, June 19, 2020 — Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, and Compound, a decentralized lending market, are spearheading growth in the nascent decentralized finance (DeFi) space as USDT volume on the platform has surged above US$100 million. USDT has grown faster than all rival […]

2020-6-19 16:54


Фото:

Tether (USDT) Usage Booms Among Businesses in Asia, Europe

According to a Bloomberg report published on January 22, 2020, premier stablecoin Tether (USDT) is witnessing a strong surge in demand by small merchants primarily based out of Asia and Europe. Tether Experiences Surprising Adoption Cryptocurrencies like Bitcoin (BTC) have existed for more than a decade now but their real-world adoption is still minuscule comparedRead MoreRead More.

2020-1-23 18:00


Фото:

Yet another reason to dislike Tether: 300 addresses hold 80% of the ‘stablecoin’

Infamous stablecoin and pseudo currency Tether (USDT) doesn’t exactly have the cleanest of rap sheets, and if you needed another reason not to trust it, keep reading. According to recent findings from cryptocurrency researchers at Coin Metrics, around 300 entities hold about 80 percent of the Tether currently in circulation, Bloomberg reports.

2019-8-8 11:30


Tether Stablecoin Wallet Analysis Shows 318 Wallets Control 80% Of All USDT In Existence

Centralization is a well-known problem of crypto markets. People often referred to as whales control a fifth of some markets and have the strength to promote manipulation whenever they want to. Tether, however, seems to be facing an even worse situation: only 318 crypto addresses actually control 80% of the circulating supply of Tether (USDT). […]

2019-8-8 00:08


Tether “Accidentally Minted” 5 Billion USDT as Community Investigates the Drama-Filled Matter

Accident happened while making the swap from Omni to Tron Bitfenix and Tether CTO, Paolo Ardoino said “sometimes issues happen” when working with different blockchains Controversial stablecoin, Tether is yet again in the hot waters after the Tether Treasury “accidentally” created 5 billion USDT instead of the required 50 million. The Accident with the Token […]

2019-7-14 18:56


Dukascopy’s Dukascash Stablecoin Adds Five Pegged Fiat Currencies; CNY+, GBP+, JPY+, MXN+, RUB+

Ever since Tether (USDT) launched its stablecoin and achieved some success in pegging its value to fiat currency, several companies are trying to take its place. True USD (TUSD), USD Coin (USDC), Paxos Standard (PAX) and other names easily come to mind when we talk about this. Now, a new company is trying to get […]

2019-7-4 00:08


Глава Kraken не считает Tether инструментом для раздувания курса биткоина

CEO криптовалютной биржи Kraken Джесси Пауэлл прокомментировал версию о том, что стейблкоин Tether может быть причиной недавнего роста цены биткоина. The latest surge in #bitcoin has been accompanied by big volume in #tether.

2019-7-2 15:50


Tether continues to issue USDT as community speculates USDT influx is resisting BTC pullback

With respect to fortune, Tether, the largest stablecoin in the industry, has witnessed a roller-coaster of a year in 2019. The stablecoin was first dragged into the controversial Bitfinex fiasco, where Bitfinex allegedly covered a $850 million loss with Tether funds, leading to Tether experiencing the biggest fall in valuation ever and dropping to $0.

2019-7-2 22:30


Binance DEX Adds First Stablecoin Trading Pair Of USDSB, A StableUSD (USDS) Variation

The USD-backed stablecoin of the Stably company- StableUSD-, has been added by Binance DEX as a native BEP2 crypto-asset under the name of USDSB. In a press release from Binance, the largest crypto exchange launched trading for two pairs comprising of USDSB against major stablecoin tether (USDT), as well as the USDSB-to-USDS trading pair today […]

2019-6-25 23:46


Tether tops the list on institutional usage despite ongoing backing irregularities

No matter which way you look at it, Tether will always occupy center stage while Bitcoin is in the limelight following its price surge. With the collective community noticing a trend in the market capitalization of USDT and the price rise of BTC, coupled with the slew of controversies surrounding the stablecoin, one key part […] The post Tether tops the list on institutional usage despite ongoing backing irregularities appeared first on AMBCrypto.

2019-6-23 16:30


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Do Kwon Criminal Case Exposes Staggering Victim Count Of Over 1 Million

Do Kwon, the former CEO of Terraform Labs, is currently under intensive investigation by US officials who allege that he committed fraud that affected over a million people worldwide. During Kwon’s trial in a New York court, prosecutors provided a detailed account of the far-reaching consequences of his alleged financial misconduct. Related Reading: Crypto Survival […]

Terraform Labs moves $62.81M in BTC amid final wind-down steps

On-chain data shows that a crypto wallet linked to the bankrupt Terraform Labs moved 1,075 BTC, valued at approximately $62. 81 million, to a new address (bc1q5) on Sept. 2. While the firm has yet to comment publicly on the transfer, market analysts note that it aligns with Terraform Labs’ plan to wind down operations following […] The post Terraform Labs moves $62.