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Home Cryptocurrency

Tether, USDT market cap has dropped by US$10B since UST collapse

Rate Captain by Rate Captain
May 23, 2022
in Cryptocurrency
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Tether, USDT market cap has dropped by US$10B since UST collapse
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Tether, the operator of the world’s largest stablecoin USDT, has seen US$10 billion of its market capitalization shaved off since TerraUSD’s (UST) collapse. 

USDT’s market capitalization was at US$73.35 billion at the time of publishing, following an all-time high of US$84.15 billion on May 12, CoinGecko data showed.

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Tether’s redemption program allows users to trade in USDT for fiat currency, which results in the collateralized stablecoin dropping in total market value.

This came after algorithmic stablecoin TerraUSD, which is meant to be pegged to the U.S. dollar, traded at US$0.069 on Monday morning Asia time, according to CoinGecko.

Tether said in its latest attestation that commercial paper in its reserves decreased by 17% to $20.1 billion in Q1 2022 from the previous quarter.

Commercial paper backing Tether (USDT), the world’s largest stablecoin, has decreased by 17% from US$24.2 billion in Q4 2021 to US$20.1 billion in Q1 2022, according to Tether’s latest attestation report. 

Commercial paper in Tether reserves has been reduced by an additional 20% since April 1, and will be reflected in the next quarterly report, Tether said. 

Tether also reduced its bank deposits from the previous quarter’s US$4.2 billion to US$4.1 billion. 

U.S. Treasury bills backing the stablecoin increased by over 13% from US$34.5 billion in the previous quarter to US$39.2 billion in Q1 2022, representing nearly half of all Tether reserves. 

Tether’s latest attestation report comes at a time when the stablecoin ecosystem is under a microscope due to Terra’s algorithmic stablecoin TerraUSD (UST) de-pegging fiasco. 

Major collateralized stablecoins USDT and USDC are currently trading at US$1, and algorithmic stablecoin has also been maintaining its peg to the greenback despite some turbulence.Tether’s total assets have gone up from US$78.7 billion to US$82.4 billion, compared to the previous quarter, but the real-time market capitalization of USDT was measured at US$79.6 billion at press time. 

Tags: #Tether #bitcoin #crash
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