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Tether (USDT) snapped to 97 cents in Asian hours, losing its parity with U.S. dollars at writing time. · Separately, bitcoin (BTC) lost the $27,000 support level ...
Tether (USDT) Price News today: Amid Terra and UST debacles, the price of third largest crypto, and one of the most used stablecoins worldwide, ...
Meanwhile, the price of TerraUSD(UST) stablecoin has fallen massively in the last two days. Bitcoin price has fallen 11.29% to $28,000 in the last 24 hours while Ethereum is down 20.8% to $1914. have fallen to new lows. Unlike UST and USDT, prices of other stable coins remains stable and ini the green. Terra (Luna) price has dropped 99.9% in the last seven days to $0.08153. Meanwhile, LUNA’s ranking has dropped to 89th (Read more about Terra, Luna). In fact, the price of Binance USD (BUSD) has increased by 1.2% in the last 24 hours while USDC is up 0.43% in the same period.
Stablecoin USDT Tether is down 5% to $0.95. This is the lowest the stablecoin has it hit in the last 2 years.
The value of assets held by Tether , therefore, has taken a beating in these uncertain times." It's important to highlight the reserve breakdown of Tether. Commercial paper and certificates of deposits form a major chunk of USDT reserves followed by cash and bank deposits and reserve repo notes and Money Market Funds. These are not highly liquid assets. The stablecoin is now trading at $0.95, as per data from CoinMarketCap, as of 12:50 pm IST on Thursday.
Tether's USDT stablecoin is suffering from UST's ongoing crash. USDT briefly hit $0.95 today and is still trading below its peg.
Tether, the world's largest stablecoin, broke below its $1 peg Thursday amid panic in the crypto market. The token sank to as low as 98 cents at around 3:30 ...
Tether has since reduced the amount of commercial paper in its reserves and says it plans to lower its holdings further over time. Tether and USDC, the two biggest stablecoins, are meant to be backed by a sufficient amount of money held in a reserve to ensure depositors can receive their dollars when they want to make a withdrawal. But there have long been concerns about whether tether actually has enough assets to back up its intended $1 peg.
LUNA/UST debacle leads to discrepancies in BTC-stablecoin trading pairs across global cryptocurrency exchanges.
The system failed when the price of UST fell below its $1.00 peg, leading to a massive amount of arbitrage trading with traders burning UST for $1.00 worth of LUNA, which was then sold for a profit. The rest is history as Terra’s co-founder Do Kwon tries to remedy a bleak situation. The relationship between the two was fairly straightforward: Users could exchange $1.00 worth of LUNA for 1 UST or vice versa. “I do not believe that trust was ever lost for centralized stablecoin users,” he said, adding: “There will always be a market for stablecoins as they present an opportunity for traders to interact with the larger crypto ecosystem.” Ardoino stressed that USDT has maintained its stability through multiple black swan events and highly volatile market conditions and has never refused redemptions: Stablecoin Tether ( USDT) showed signs of stress, as USDT/USD traded under $0.99 on major exchanges.
Tether (USDT) to engage third-party in chain swap from TRC20 to Ethereum and Avalanche.
According to CoinGlass, there have been nearly $1.29 billion in liquidations across the crypto market during the last 24 hours. TerraUSD (UST) de-pegged to as low as $0.22 below the dollar parity earlier this week. Bitcoin, the first and most valuable cryptocurrency by market capitalization, dropped more than 7% to $25,401, its lowest level since December 2020. On Coinbase, Tether (USDT) fell as low as $0.941, losing parity with the dollar. Waves' USDN stablecoin showed faint signs of weakness, sliding to $0.91 on Bittrex on May 9. Tether (USDT), the biggest stablecoin in terms of market value, has announced it was performing a "chain swap" with a yet undisclosed third party after it fell today to lows of $0.941 on Coinbase. The announcement on its official Twitter handle reads: "In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and from Tron TRC20 to Avalanche, for 20M USDt. The #tether total supply will not change during this process."
Tether (USDT) lost its dollar parity today following the recent drama with Terra's UST stablecoin.
- Another algorithmic stablecoin that showed signs of drifting away from USD was Neutrino USD (USDN) of the Waves blockchain ecosystem. - Separately, Tethersaidthat it had begun a chain swap for its tokens. - In recent days, redemptions for stablecoins have been high, during which a dollar from the reserves is sent to the user, and the dollar-pegged token is removed from its supply.