Tether Finds Stable Dollar Peg After Terra's Collapse
07/26 11:28
According to Coindesk, Terra's UST tanked on May 12, spurring panic selling in other dollar-pegged cryptocurrencies. Tether's peg broke and fell as low as $0.92 on some exchanges following UST's crash and averaged about $0.99 in June. Tether (USDT) regained its dollar peg on July 20 and has remained steady since then.
Tether's market capitalization has declined by $16 billion to $65 billion in two months, a sign of large redemptions by holders. This means that the company behind USDT, Tether Ltd, honored billions of dollars worth of redemptions following UST's meltdown. Tether Ltd has long been criticized for the lack of transparency about the nature of assets backing the stablecoin. In other words, tether has passed the market's stress test, withstanding redemptions in volatile conditions and eventually reclaiming the peg.
"The past two months have definitely been a stress test for stablecoins following the collapse of UST and sharp contraction in USDT's market cap," Clara Medalie, research director at Kaiko, said. "Tether proved it's ability to process billions in redemptions, despite lingering questions over the makeup of its reserves."
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