Since the collapse of TerraUSD (UST), the market value of the company that operates the biggest stablecoin in the world, Tether, which is denoted by USDT, has decreased by US$10 billion.
The market capitalization of USDT reached an all-time high of US$84.15 billion on May 12, according to statistics provided by CoinGecko. As of the time this article was published, USDT’s market value was at US$73.35 billion.
Because Tether’s redemption scheme makes it possible for consumers to exchange USDT for fiat money, the value of the collateralized stablecoin on the market as a whole is expected to decrease.
According to CoinGecko, the algorithmic stablecoin TerraUSD, whose value is designed to be tied to that of the United States dollar, traded at US$0.069 on Monday AM, Asia time. This happened after TerraUSD’s value had been fixed to the dollar.
Tether said in its most recent attestation that the amount of commercial paper in its reserves fell by 17 percent from the previous quarter to a total of $20.1 billion in the first quarter of 2022.
Wallets