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.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3