Sunday November 17, 2024

Tether’s USDT Briefly Loses $1 Peg

Tether’s USDT Briefly Loses $1 Peg

by Peter Siu May 13, 2022 1 min read

(Originally posted on : Crypto News – iGaming.org )

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.

Peter Siu

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