Cryptocurrency News
USDT-dollar peg wobbles as markets continue to struggle: Tether CTO weighs-in
2022.05.12 13:46
USDT-dollar peg wobbles as markets continue to struggle: Tether CTO weighs-in
Cryptocurrencies markets continue to suffer major losses following the depegging of Terra ecosystem’s stablecoin TerraUSD (UST), causing discrepancies between stablecoin pegs and the value of Bitcoin (BTC).
Stablecoin Tether (USDT) showed signs of stress, as USDT/USD traded under $0.99 on major exchanges. Tether and Bitfinex chief technology officer Paulo Ardoino took to Twitter (NYSE:TWTR) to assure USDT holders that over 300 million UDST tokens had been redeemed at their $1 peg over the past 24 hours.
