On Thursday, traders sold Tether's USDT in large quantities on Curve and UniSwap stablecoin exchange pools, causing the token to drop to as low as 99.76 cents and trade below its $1 peg for most of the day. The USDT balance surged to 62% in the Curve 3pool, while USDC and DAI comprised roughly 19-19% of all assets in the pool. The USDT-USDC trading pool on Uniswap also showed an imbalance, with the USDT balance standing at $105.4 million compared to just $6.5 million of USDC. These imbalances suggest that investors prefer to hold DAI or USDC instead of USDT, and similar situations have occurred in the past during market distress. The reason for the sales is currently unknown.
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Traders Sell Tether's USDT in Droves on Curve and Uniswap Stablecoin Pools
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