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World’s largest stable coin tether, regained its dollar peg on Friday after sinking as low as 95 cents a day prior.
By Friday, tether was trading firmly at $1 again, allaying investor’s worries about a potential crypto market contagion due to the collapse of stablecoin project TerraUSD.
Slippery terra(in)
More than $3 billion worth of tokens left the system on Thursday, after another major stablecoin terraUSD plunged below 30 cents on Wednesday.
TerraUSD’s fall shook investors’ confidence in the so-called decentralized finance space. It crashed almost 100% at one point in the past week, breaking its $1 peg.
Stablecoins are cryptocurrencies whose value is pegged, or tied, to that of another currency, commodity, or financial instrument, providing an alternative to the high volatility of Bitcoin.
Tether now has a circulating supply of around $79.5 billion, down from $82.9 billion 24 hours earlier, suggesting the company behind it processed over $3 billion in redemptions in just one day.
Source - CoinDesk
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