Tether USDT Un-peg
Last Thursday another stable coin seem to have de-peg even though it was brief. Tether drop down to as low as $0.94 per the dollar and FUD would spread briefly.
$3 billion Withdraw
The massive drop in USDT peg came likely due to a withdraw of $3 billion. In fact Tether later admitted some one or group have withdraw the USDT without losing peg for far too long. In less than a day USDT was close back to peg.
Rather looking at the reasons a stable coin achieves dollar beg I now wonder how much a stable coin total amount being withdraw could tumble the coin itself?
With UST down and likely out for good there are more stable tokens left to target and fear of un-peg can quickly cascade. One big withdraw from the top stable token USDT caused a temporary un-peg. However what if more were to come? Can stable coins really be stable?
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It was an interesting post. Thank you👍
Yea I am also interested in knowing why USDT lost its peg from withdrawing money. At least it doesn't really make sense to me because it should have enough dollars on hand to do that trade.
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The $3 billion usdt withdraw drag down the value. It could happen to any stable coin if the withdraws are swift and aggressive. Ust de-peg had partly to do to the massive withdrawals.
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These withdrawal are big tests for USDT. To see if it can stand the sudden impact !
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Saw minor cracks but it held up for now.
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