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• Circulating supply of Tether has fallen down to less than $76 billion on Tuesday
Investors have withdrawn more than $7 billion from Tether since the world’s largest stablecoin broke its $1 peg last week.
According to data from CoinGecko, circulating supply of Tether has fallen down to less than $76 billion on Tuesday, from about $83 billion a week ago.
Stablecoins are digital currencies which are relatively stable as their price is pegged to a commodity or currency.
Tether, which is pegged 1-to-1 to the US dollar, fell as low as 95 cents on Thursday last week, after another major stablecoin terraUSD plunged below 30 cents.
Audit of the company
The full audit of Tether’s reserves is due for a long time now and a company executive said that Tether is working on an audit.
Paolo Ardoino, the company’s chief technology officer told a Twitter user who inquired about company’s audit that Tether has redeemed more $7 billion in 48 hours and is fully backed.
“We have redeemed 7B in 48h, without the blink of an eye. How many institutions can do the same? We can keep going if the market wants, we have all the liquidity to handle big redemptions and pay all 1-to-1. Yes, Tether is fully backed,” he tweeted.
Picture Credits: Getty Images
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