2 years ago
Summary:
- Over $7.485 cardinal worthy of Tether (USDT) has been redeemed for US dollars successful the past week.
- The full proviso of Tether (USDT) has reduced from the caller all-time precocious of $81.237 cardinal to $75.75 billion.
- The redemption of Tether and the diminution of its circulating proviso travel connected the backdrop of some UST and USDT depeging.
- Tether’s CTO has confirmed that USDT tin support up with marketplace request for the stablecoin and redemption services for USD.
Over $7.485 cardinal worthy of Tether (USDT) has been redeemed for US dollars successful the past week. According to a caller study connected stablecoins by Glassnode, the circulating proviso of Tether has declined from adjacent the $81.237 cardinal all-time precocious to $75.75 cardinal successful the stated period.
The report by Glossnode goes connected to explicate that the redemption of Tether for USD mightiness person been catalyzed by the archetypal monolithic depegging of TerraUSD (UST) that soon affected USDT’s ain peg to the $1 mark. The study stated:
Whilst UST was important successful size ($21B), galore see USDT astatine $83B successful size to beryllium systemically important to the marketplace successful its existent form, being the ascendant punctuation brace connected galore exchanges.
Over the play from midday 11-May to midday 12-May, USDT traded beneath its $1 peg to a debased of $0.9565, earlier recovering wrong 36hrs to commercialized astatine a flimsy discount of $0.998.
Tether announced connected 12-May during the worst of the peg accent that redemptions remained unfastened and active, and that $2B worthy were already underway.
Tether is Committed to All Redemptions from Verified Customers
On the stated 12th of May, Tether issued an authoritative statement done its website, further confirming that the institution continues to grant redemptions of USDT for USD astatine a one-to-one ratio. The squad astatine Tether besides reiterated that USDT has ‘maintained its stableness done aggregate achromatic swan events and highly volatile marketplace conditions and adjacent successful its darkest days Tether has ne'er erstwhile failed to grant a redemption petition from immoderate of its verified customers.’
Tether’s CTO Responds to Questions About USDT’s Reserves
Earlier today, the CEO of CryptoQuant, Ki Young Ju, asked Tether’s CTO, Paolo Ardoino, astir the presumption of an audit study connected USDT’s reserves. According to Mr. Young Ju, regulators and institutions are waiting connected a confirmation connected whether Tether’s $75 cardinal oregon truthful worthy of USDT, is fully-backed oregon not.
In his response, Mr. Ardoino cited the supra $7 cardinal worthy of USDT redemption for USD arsenic grounds that the institution has the liquidity to beryllium that the stablecoin’s reserves bash exist.
A screenshot of the conversation betwixt the CEO of CryptoQuant and Tether’s CTO tin beryllium recovered below.
English (US) 