Sign Up on MEXCTether (USDT) Close To Recovering Peg Despite Rising Redemptions
The largest stablecoin in the cryptocurrency world scared the already panicked market when its lost its dollar pegged value. It went down to slip as low as $0.9455 cents. However, it has now recovered to trade at the price of $0.993, at the press time.
Meanwhile, the Tether organisation issued a statement amid the recovery.
USDT recovers to $1
The notice mentioned that they have provided stability amid some expected market panic. Tether has kept up the redemption normally. The verified customers have been able to redeem USDT on the platform for $1. It added that Tether has allowed more than 300 million USDT redemptions in the last 24 hours. While it is still processing over 2 billion today and that too without any issue.
USDT is still 0.45% down in the past 24 hours. However, its 24 hours trading volume has surged by 10% to $171.05 Billion. Tether asserted that they have managed to maintain stability in the much volatile market and have proved to provide service for all of its customers.
Tether CTO gives suggestion over LUNA crash
In an interview with Scott Melker, Paolo Ardoino, Tether CTO answered some questions about the ongoing trouble and de-pegging of the USDT.
Ardoino said that their portfolio is extremely solid and de-pegging won’t happen. People can redeem it at any time. we never refuse one single redemption in the history of the Tether.
He mentioned that they go on a weekly basis stress test. It also includes data from the 2008 crisis which makes them ready for every situation.
On being asked about the recovery from the LUNA crash, he said that it is a tough call. I think that if they are able to explain what happened and in order to regain confidence in market they need to grow organically and slow.
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
