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Concerns Arise as Tether (USDT), the Largest Stablecoin, Falls Below Dollar Peg

June 18, 2023
in Technology
Concerns Arise as Tether (USDT), the Largest Stablecoin, Falls Below Dollar Peg
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The largest stablecoin in market capitalization, Tether USDT, is exhibiting a significant performance that has raised concerns and speculations among investors and traders.

Notably, the stablecoin encountered a bearish momentum, dropped below its dollar peg, and is currently trading at $0.9977. This represents a drop of 0.25% in the 24-hour trading session. However, Tether’s CTO has assured investors and traders via his Twitter page that this recent development won’t be an issue.

Markets are Edgy These Days, Says CTO

Paolo Ardoino, Tether’s CTO, addressed the Tether’s community on Twitter regarding the current state of the Tether’s (USDT) market. He mentioned that the markets are experiencing some uneasiness which he describes as “markets are edgy these days.”

Despite this market condition, he reassured that Tether, the widely used stablecoin, is equipped and prepared to handle any challenges.

In his words, “At Tether, we’re ready as always.”

He also mentioned that the company is prepared for anyone who wishes to exchange their USDT tokens for the equivalent of U.S. dollars.

He confidently stated, “Let them come,” indicating that the company is ready and willing to honour these redemptions. The issue of whether Tether has enough liquidity to back its USDT tokens has been a significant concern for the company.

Critics have caused negative sentiment around the company and accused them of not having full reserves to support its dollar-backing claims. Tether aims to offer reassurance and transparency regarding the company’s resources by providing regular assurance reports from the accounting firm BDO Italia.

As per the latest report, most of its reserves are held in cash and cash equivalents, with a significant portion invested in U.S. Treasury Bill. Furthermore, the report reveals that a small percentage of 1.8% of Tether’s reserves are held in Bitcoin.

The various holdings in government-secured investment, cash, and cash equivalent reinforce the legitimacy and stability of Tether’s reserves. According to CoinMarketCap data, USDT currently ranks as the 3rd largest crypto asset with a market capitalization of $83 billion.

Curve Finance’s 3pool Indicates Investor Sentiment On Tether USDT

Analysts have identified Curve Finance’s 3pool as a reliable tool for determining investor sentiment towards stablecoins. Meanwhile, Curve Finance is a well-known decentralized exchange that allows users to exchange similar assets within its platform.

The 3pool consists of the three largest stablecoins (USDT, USDC & DAI) and offers potential arbitrage opportunities if they veer away from their pegged value.

The current flow of USDT into the pool, with the outflow of USDC and DAI, indicates that investors are actively leaving Tether’s stablecoin. According to The Block, the Curve 3Pool previously experienced an imbalance in March, where USDC and DAI surpassed 45% of the total balance.



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