Amid FTX Rumors Tether’s USDT Peg Of $1 Wobbles – What’s Going On?
The crypto market still seems to be in the grasps of FTX and Alameda. Currently, rumors are circulating that Tether’s stablecoin USDT might be more affected by the downfall of FTX than it would like to admit. Moreover, there currently seems to be an attack on USDT as a result of which Tether (USDT) briefly lost its usual peg to $1. The largest stablecoin by market cap was trading below $0.9400 temporarily at Kraken, other exchanges saw minor deviations. Sam Bankman-Fried company Alameda, which borrowed $250,000 USDT from Aave and exchanged it on Curve this morning, may be behind the....
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The fallout from Terra’s collapse continues as outflows from Tether (USDT) hit an average of $1.1 billion a day over the past week. Cryptocurrency investors and traders have cashed out $7.7 billion from the stablecoin Tether (USDT) resulting in its market capitalization falling by 7.8% over the past seven days to $76 billion.The amount withdrawn from the top stablecoin is nearly double the $4.1 billion it held in cash reserves at the end of 2021 according to Tether’s latest reserves report from December 2021.To maintain Tether’s peg with the US dollar the company behind the token backs....
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