Tether’s USDT Briefly Loses Peg
Amid poor sentiment for stablecoins after Terra’s UST debacle, the tether (USDT) stablecoin lost its 1:1 peg for some time on Thursday, dropping to as low as 95 cents for a moment, after re-establishing itself quick enough.
Traders had been selling USDT for U.S. dollars after the algorithmic stablecoin UST depegged to as low as 22 cents from its intended $1 level. It currently stands at $0.25 according to CoinMarketCap data.
Tether’s Chief Technology Officer Paolo Ardoino confirmed earlier on Thursday that Tether was continuing to honor “USDT redemptions at 1$”, nevertheless a small sell-off took place.
GM
Reminder that tether is honouring USDt redemptions at 1$ via https://t.co/fB12xESSvB .
>300M redeemed in last 24h without a sweat drop.— Paolo Ardoino (@paoloardoino) May 12, 2022
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Source: igaming
