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Tether in the Spotlight After USD 9B Worth of Redemptions
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The popular stablecoin tether (USDT) is again the subject of unwanted attention after approximately USD 9bn has been redeemed for US dollars by users in the aftermath of the terraUSD (UST) collapse.The redemptions have come despite USDT trading on exchanges within a rounding error of its USD 1 peg.
At the time of writing (08:39 UTC), the stablecoin traded at USD 0.9989 according to coin tracking site CoinMarketCap, and USD 0.99917 per CoinGecko.Tether price in May:Still, it appears users have remained nervous since the collapse of UST, the Terra (LUNA) network’s algorithmic stablecoin.
Read more on cryptonews.comAbout this in other media
Tether and how it maintained ‘stability through multiple black swan events’ ambcrypto.com /1 month ago
Tether pays out $10bn in withdrawals since start of crypto crash theguardian.com /1 month ago
Why USD Coin [USDC] may not yet be ready to overtake Tether [USDT] ambcrypto.com /1 month ago
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