USDT stablecoin temporarily lost its peg to the dollar
Tether CTO has said that the company continues to redeem assets for US dollars one-to-one
12.05.2022 - 11:05
684
2 min
0
What’s new? On the morning of May 12, the Tether (USDT) stablecoin began losing its peg to the US dollar, with its rate dropping to $0,95. CTO at Tether Limited, the coin issuer, Paolo Ardoino said on Twitter that the company continues to redeem assets for dollars at a one-to-one ratio on its official website. He added that $300 million had been paid through tether.to “without a sweat drop” in the last 24 hours. According to Binance, as of May 12, 2022, 13:35 Moscow time, USDT has started to recover and is trading at $0,98.
GMReminder that tether is honouring USDt redemptions at 1$ via https://t.co/fB12xESSvB .>300M redeemed in last 24h without a sweat drop.— Paolo Ardoino (@paoloardoino) May 12, 2022
What happened before? On May 11, the TerraUSD (UST) stablecoin rate fell to $0,22. The collapse of the coin began back on May 8, when the token lost its peg to the US dollar. By May 12, UST slightly recovered its position and is trading at $0,60.
In April, Tether Limited said that it plans to reduce the volume of commercial debt obligations in the USDT reserve. This decision was made to increase transparency about the token’s collateral.
What is Tether? It is a stablecoin created by Tether Limited in 2015. USDT is the largest stablecoin in the market and has a capitalization of over $82 billion, according to CoinGecko.
Useful material?
Telegram 
Twitter Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024
Cryptocurrency rates
-
Bitcoin
$71 083
BTC
+4.82%
-
Ethereum
$2 480.02
ETH
+3.58%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$0.520774
XRP
+3.34%
-
Dogecoin
$0.181383
DOGE
+12.28%
-
Cardano
$0.34107
ADA
+4.11%
-
Bitcoin Cash
$349.3
BCH
+6.36%
-
Polkadot
$3.94
DOT
+4.76%
-
Litecoin
$67.06
LTC
+1.93%
-
Stellar XLM
$0.09464
XLM
+3.94%