There are concerns that Tether's stablecoin USDT, which has a market capitalization of around $83.4 billion, may be under pressure. While there is currently no indication of a depeg, liquidity pools on the Uniswap and Curve protocols are seeing a significant amount of USDT selling, which could potentially cause a rapid depeg.

Two major pools, the Curve 3pool and the Uniswap v3 USDC/USDT pool, appear to be susceptible to significant selling pressure right now. A depeg of USDT could be catastrophic for the crypto economy, particularly since USDT has been gaining market share at the expense of the well-regulated USDC stablecoin.