Tether Slips Below Dollar Peg, CTO Reassures Readiness for Any Situation
June 15 (Cointime) - Tether's CTO, Paolo Ardoino, responded on Twitter, reassuring users that the stablecoin is prepared for any situation and ready to redeem USDT tokens for the corresponding underlying dollar. Tether has been publishing assurance reports from accounting firm BDO Italia to address concerns about its claimed financial reserves, with the latest report revealing that the majority of reserves are held in cash and cash equivalents. However, the significant inflow of USDT into Curve Finance's 3pool suggests investors are moving away from Tether's stablecoin.
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.
Concerns Arise as Millions of Tether Stablecoins Sold Off on Uniswap and Curve Pools
Traders appeared to be selling off millions of dollars worth of tether (USDT) stablecoins on Uniswap and Curve pools, causing concern among traders. The imbalance in USDT balances on Curve's 3pool, which now holds over $300 million of USDT, suggests a preference for DAI and USDC over tether. This sentiment was previously observed during Terra's implosion last May and the collapse of crypto exchange FTX in November. Tether CTO Paolo Arduino suggested that some traders may be looking to capitalize on the general sentiment in the broader crypto markets, which have dipped in the past 24 hours.
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.
USDT Dominance Has Grown To A Value Of 67.6% Now
June 15 (Cointime) - Recent data from Glassnode shows that Tether's dominance in the stablecoin market has increased to 67.6%, while USD Coin and Binance USD have lost market share. The supply dominance of a stablecoin refers to the percentage of the total supply of the largest stablecoins being contributed by a given stable.
Tether Surpasses USDC as America's Crypto Crackdown Impacts Stablecoin Ecosystem
The top two issuers in the stablecoin ecosystem are experiencing a divergence due to America's crackdown on crypto. Tether's supply has reached an all-time high of 83.36 billion USDT, while Circle's USDC has seen a decline in demand and market share.
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.
Turkish Investors Turn to Cryptocurrency as Lira Continues to Drop
As the Turkish lira continues to decline, investors are turning to stablecoins like Tether as a safe haven to protect their wealth. Tether's share of trading volumes on BTCTurk, one of Turkey's biggest crypto exchanges, is at 20%, compared to only 1% on Binance, indicating strong demand for stablecoins in Turkish markets.
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.
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.
