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Investor fears shift from UST to USDT as stablecoin chaos continues

Investor fears shift from UST to USDT as stablecoin chaos continues

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Answer Investor fears shift from UST to USDT as stablecoin chaos continues

Tether (USDT) lost parity with the dollar on Thursday as the UST stablecoin debacle sent shockwaves through the stablecoin market amid serious selling pressure in the market.

According to CoinMarketCap, USDT price fell to $0.96 today before climbing back above $0.98.

Where dropped USDT rose to $0.969 on Coinbase but has since recovered and is currently trading near $0.98.

The reason can be attributed to the fact that stablecoin sentiment waned after the TerraUSD (UST) saga, which prompted many anxious investors to look for safer ways to stand up and protect their portfolios.

In recent days, stablecoin redemptions have been high, as dollars are sent from the reserve to the user, and the token associated with the dollar is removed from the supply.

Read:BitMEX invests in an emerging trading platform

Amidst heavy pressure on USDT and high volatility, Tether and Bitfinex CTO Paulo Ardoino confirmed that more than 300 million stable coins have been redeemed in the past 24 hours.

It was also announced that Tether would transfer $1 billion from the Tron blockchain to Ethereum.

In addition, $20 million will be transferred from Tron to Avalanche.

Another algorithm-based stablecoin that has also shown signs of moving away from the $1 value is Neutrino USD (USDN), which is built on the Waves blockchain.

Yesterday Wednesday, USDN fell to 23 cents.

With the spread of the stablecoin contagion, other lesser known algorithmic stablecoins are afraid of facing a similar fate.

Topic to follow…

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