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
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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.
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