Tether (USDT), which lost its dollar parity Thursday due to UST’s failure, was under severe sell pressure from the wider industry.
CoinMarketCap says the slump was as low as $0.97
However, USDT dropped to $0.969 via Coinbase, but was back up and trading at $0.98.
“GM, Reminder: tether honors USDt redemptions via a tether.to >300M were redeemed within the last 24 hours without a sweat drop.
Tether also announced that it has initiated a chain swap to exchange its tokens. The company will convert 1 billion USDT from Tron’s blockchain to Ethereum’s. It will also move 20 million USDT to Tron from Avalanche. Neutrino USD (USDN), a Waves-based blockchain ecosystem, was another algorithmic stablecoin showing signs of drifting away USD. USDN fell as low as 23 Cents on Wednesday due to the UST contagion. Other algorithmic stablecoins, however, are also at risk of falling into the same fate.
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