Tether (USDT) lost its dollar parity today following the recent drama with Terra's UST stablecoin.
Tether lost its dollar parity today following the recent drama with Terra’s UST stablecoin.
Tether lost its dollar parity on Thursday as UST’s debacle sent shockwaves across the stablecoin market amid serious sell pressure in the wider industry.to $0.969 on Coinbase but has since recovered and was trading near $0.98. The reason can be attributed to the fact that the stablecoin sentiment has gone downhill following theIn recent days, redemptions for stablecoins have been high, during which a dollar from the reserves is sent to the user, and the dollar-pegged token is removed from its supply.to the USDT holders that more than 300 million the stablecoin tokens had been redeemed at their $1 peg over the past 24 hours.>300M redeemed in last 24h without a sweat drop.
Another algorithmic stablecoin that showed signs of drifting away from USD was Neutrino USD of the Waves blockchain ecosystem. On Wednesday, USDN plummeted as low as 23 cents. With the UST contagion spreading, other lesser-known algorithmic stablecoins are in fear of meeting a similar fate.
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