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A slight deviation in Tether's (USDT) stablecoin earlier today has caught the attention of cryptocurrency traders.
The move occurred within Curve's 3Pool decentralized finance ecosystem, which holds significant liquidity and three primary stablecoins: USDT, USDC, and DAI.
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The shift was a minimal 0.3% pullback to 0.997, seemingly caused by a sudden influx of USDT within Curve's 3Pool, which caused the platform's USDT dominance to reach 73.8% at one point--compared to the typical 33.1%.
This presents a clear signal that traders are starting to exchange their USDT holdings for either DAI or USDC, reminiscent of a similar incident during the FTX fiasco in November 2022.
The fluctuation is linked to a single whale address, CZSamSun, which borrowed 31.5 million USDT and exchanged it for USDC, nudging USDT's stable peg off-kilter.
The operation leveraged 17,000 Ether and 14,000 staked Ether as collateral and utilized the 1inch Network to convert borrowed assets into USDC.
After the swap, CZSamSun made large deposits of $10 million into Aave v2 and $21 million into Aave v3 and borrowed 12 million USDT from v3 to funnel into v2.
Another address capitalized on the altered prices between USDT and USDC too, borrowing a massive 50 million USDC using 52,200 staked Ether as collateral via Aave v2.
This USDT price deviation rippled through the market, uplifting the USDC/USDT pair on Binance to a yearly high of $1.0034.
As of writing, the majority stake in the Curve 3Pool now belongs to USDT, with a percentage of 55.01%. DAI comes in second with 30.19%, while USDC holds the third position with 14.80%.
In response to market jitters, Tether's CTO, Paolo Ardoino, stated on Twitter
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