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Crypto Market Panic Worsens As Tether (USDT) Loses Dollar-Peg

By Samyuktha Sriram

Market-wide panic ensued after Tether (CRYPTO: USDT) – the largest stablecoin by market cap – began losing its peg to the U.S. dollar.

What Happened: According to data from Benzinga Pro, USDT fell to an all-time low of $0.948 across major exchanges like Coinbase Global Inc (NASDAQ:COIN) on Thursday.

Tether CTO Paolo Ardoino stated on Twitter that the stablecoin is honouring all USDT redemptions at $1 and over $300 million had been redeemed in the last 24 hours.

Why It Matters: USDT has a market cap of over $79 billion and is the largest stablecoin in the crypto industry. Unlike algorithmic stablecoins like TerraUSD (CRYPTO: UST), USDT keeps its peg to the U.S. dollar through Tether’s reserves.

See Also: HOW TO BUY TETHER (USDT)

Although the centralized stablecoin has been the subject of controversy, its large market cap is indicative of exactly how much of the crypto economy is reliant on its continued stability.

“if tether dies, it’s all over friends,” wrote Dogecoin (CRYPTO: DOGE) cofounder Billy Markus on Twitter.

Others were reluctant to buy into the narrative that USDT would suffer the same fate as UST.

Price Action: At press time, leading digital assets Bitcoin (CRYPTO: BTC) and Ethereum were trading at $27,966 and $1,890, down 8% and 18% respectively over the last day.

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Dive Deeper:
Tether Loses Dollar Peg as Crypto Anxiety Hits No. 1 Stablecoin
Dominoes are falling in crypto. First it was the collapse of algorithmic stablecoin TerraUSD, sowing turbulence in the broader market.…
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Turmoil and panic in crypto market as ‘stablecoin’ slump prompts wider collapse
The near-total crash of terra has fuelled real panic that the crypto sector may face existential problems
One subscription that gives you access to news from hundreds of sites
Tether Untethers From Dollar: Are The Fears Justified?
Leading stablecoin Tether (CRYPTO: USDT) saw its value fall as low as 95 cents — possibly a price not seen since 2017 — after…
Bitcoin set for record losing streak as 'stablecoin' collapse crushes crypto
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Get all your news in one place