Market-wide panic ensued after Tether (CRYPTO: USDT) – the largest stablecoin by market cap – began losing its peg to the U.S. dollar.
What Happened: According to data from Benzinga Pro, USDT fell to an all-time low of $0.948 across major exchanges like Coinbase Global Inc (NASDAQ: COIN) on Thursday.
USDT dumped to $0.969 on Coinbase. pic.twitter.com/8Xylki4SSw
— Alex Svanevik(@ASvanevik) May 12, 2022
Tether CTO Paolo Ardoino stated on Twitter that the stablecoin is honouring all USDT redemptions at $1 and over $300 million had been redeemed in the last 24 hours.
GM
Reminder that tether is honouring USDt redemptions at 1$ via …
Full story available on Benzinga.com