Tether de-pegs as Curve 3Pool becomes Imbalanced
June 15 (Cointime) - Tether's stablecoin, USDT, has deviated slightly from its peg due to an imbalance in Curve's 3Pool, which is a popular pool for stablecoin trading in decentralized finance. The ideal balance of the 3Pool should be 33.33% for each of its three stablecoins, but USDT's balance has increased to over 70%, indicating that traders are selling USDT for DAI or USDC. Tether's CTO, Paolo Ardoino, believes that the market is tense, and recent news is causing large groups to exit from crypto markets. Tether is prepared to redeem any amount and will monitor the situation.
Is Tether's USDT Stablecoin Under Pressure? Speculation Mounts as Liquidity Pools Flooded with Sellers
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.
TrueUSD: Working To Restore TUSD Minting on Prime Trust
U.S. dollar stablecoin TrueUSD said that the team is working hard to restore TUSD minting on Prime Trust and will provide updates as soon as there is new progress.
Terra Luna Classic (LUNC) Bulls Fight Back Amid Sell Pressure, Positive Fundamentals Emerge
The cryptocurrency Terra Luna Classic (LUNC) has seen a 1.5% increase in value on Monday, despite facing sell pressure due to negative sentiment in the broader crypto market and recent resistance at the $0.0001150 level.
Tether Sends $750M USDT to Binance Amid Regulatory Troubles
On June 12, Tether's treasury sent Binance $750 million USDT in three batches of $250 million each, following a $10 test transaction. Tether's CTO announced that the stablecoin issuer would mint 1 billion USDT tokens to replenish its inventory on the Ethereum blockchain, which was confirmed by blockchain analytical firm Arkham Intelligence. Tether remains the dominant stablecoin in the crypto industry, with a market cap of $83.38 billion and a 24-hour volume of $20.89 billion, despite regulatory troubles faced by Binance over the past week. The exchange recorded over $3 billion in outflows during the past seven days, according to DeFillama data.
Tether Mints 1 Billion USDT Tokens on Ethereum Blockchain for Inventory Replenish and Chain Swaps
Tether, the leading stablecoin issuer, has created 1 billion USDT tokens on the Ethereum blockchain to replenish its inventory. While some believe that the creation of new USDT tokens will boost demand for cryptocurrencies, Tether's CTO Paolo Ardoino stated that the tokens are generated to support chain swap functions. Tether collaborates with third parties such as exchanges and hedge funds to rebalance the liquidity of their USDT across different chains, allowing users to bridge assets across multiple chains. This is Tether's second billion-dollar USDT mint in less than two months, and it remains the largest stablecoin issuer on all blockchains, with a current total supply of over 83 billion tokens.
Binance Troubles Continue as TrueUSD Minting via Prime Trust is Paused
Binance, the world's largest cryptocurrency exchange, experienced a significant liquidation following the SEC's charges against the exchange and its CEO earlier this week. In addition, TrueUSD (TUSD) minting through Prime Trust has been paused, which could cause further issues for Binance as it recently started supporting TUSD stablecoin. However, TUSD minting and redemption services remain unaffected and will continue to operate normally, with reserves held in Prime Trust, First Digital, Capital Union, Manual, and BitGo. The crypto market has also crashed due to the SEC's actions, with over $350 million in crypto liquidation recorded in the last 24 hours.
Stablecoin TrueUSD Struggles: Depeg Causes Turmoil in Crypto Market
TrueUSD, a stablecoin that has traditionally been a reliable asset in the cryptocurrency market, has unexpectedly lost its peg to the US Dollar, causing turmoil in the industry. The recent drop in value to $0.9951 has raised concerns about the stability of stablecoins, which are typically pegged to traditional assets. TrueUSD has announced that its mints via Prime Trust are currently paused, but its redemption services will continue to operate as usual. This is a developing story that highlights the importance of stablecoins in the overall cryptocurrency ecosystem.
Circle Hires Former CFTC Chair Heath Tarbert As Top Lawyer
Stablecoin giant Circle announced on Thursday that Heath Tarbert, a former regulator who has held senior positions at Citadel Securities and the World Bank, is joining the company as Chief Legal Officer and Head of Corporate Affairs.
Tether Remains the Most-Searched Stablecoin Worldwide, According to Cryptomaniaks Investigation
According to a study by online Bitcoin casino Cryptomaniaks, Tether remains the most popular stablecoin worldwide, based on Google Trends data over the past year. Tether has a circulating supply of 14.4 billion USDT tokens and a trading volume of $21,345,225,989, cementing its position as the top stablecoin.
